AI, Bitcoin, Privacy, and the Future of Crypto

[Part 1 of 6] [David] [00:00] two and a half billion dollars. I couldn't have done any of it without AI. If if we had not had AI, we would be $8 billion less. Five IPOs, none of them would have happened because I used the AI to design the securities and solve all the tax problems and all the securities law issues. You know, so I like I'm a big believer in using AI to design new things. And I look, I'm just I I focus upon digital credit and security, but there's someone there thinking about how to make the car drive and cure cancer and like like aren't there like 100 million problems the human race has to solve that we that you're like, well, you're going to need a thousand people with PhDs to solve that. Well, guess what? Now every 16-year-old has a thousand PhDs at their fingertips. And so I I'm very bullish the world's going to be a much better place and and we're going to see an age of empowerment and abundance because of digital technology. [Caller] [01:03] People are greedy when they also try to acquire gold. [David] [01:06] Not really. I mean, people who buy gold are trying to preserve. [Caller] [01:08] People are greedy. Centuries, we have centuries of people being greedy to go ahead and acquire gold. [David] [01:14] Well, no, well, you're talking about to acquire wealth. Yes, people are greedy in that they want they want more things and there's nothing wrong with that. But when they're converting what they've earned into gold, that's not the greed part. That's the preservation part. I I I've earned all this money because I was greedy. Now I don't want to lose it. I want to store it so I can use it later. I don't want to blow it all right now. I want to hold on to it. And, you know, gold is a way to do that. You can't really do that in a fiat currency that's just being printed, you know, into oblivion. So, uh, but but but, you know, the the greed is in the speculative frenzy that accompanies Bitcoin. They tell me that I'm the reason they own Bitcoin because they listened to me years ago about economics, about sound money and and and the Fed and inflation. And I'm the one that got them. [Caller] [02:10] Plus there's a lot of new technology in Midnight that's going to make the use of Cardano safer. Like Midnight Passport will be the fastest, safest and easiest way to Cardano. So we gain all the usability and transparency. Plus I'd argue Midnight is an essential component for Bitcoin. Bitcoin DeFi. When you look at that side of it, you're like, okay, Bitcoin users, they want privacy. So Cardano could do a lot of the heavy lifting on the programming side, but where it's the private coordination layer is just for all that. So we're actually working on what's called our Bitcoin DeFi setup, where we call it the the circle. So you start with Bitcoin and Taproot. I'm going to put 50 Bitcoin to buy on money into this. It's pretty basic. It works. So you start with Taproot and Bitcoin. You lend it to a stable coin. So that'll occur on Cardano through a specialized transaction through the bridge. And then that stable coin would then be deployed into a yield bearing instrument. And then as you make yield, the yield is converted to Bitcoin and then it's sent to your Taproot. And then Midnight coordinates all of this with privacy. So you you have like all three networks working together and you have this circle and then from the Bitcoin user's perspective, you just give them a button. Make money. Click the button. And then it locks their Bitcoin, they just start generating a yield. The security actually enters the Taproot on the Bitcoin network. So it meets my three rules that I have for Bitcoin DeFi. One, there's only Bitcoin. So there you go. [Caller] [03:30] Bitcoin, Litecoin is better money than than fiat, obviously, also better money than gold. Like I believe it's the best form of money that um humans have ever come across. Right? Money being a good, being that is um it's inflation proof, right? No one, no single person, company or or government can print more money, right? Can't print money and then inflate away the money you're holding, uh, you're storing, right? That's kind of one of the reasons why keeping your money, if you work hard and make money, you don't want that money to kind of disappear at times not from your own doing. Right? So that's that's key in Bitcoin, Litecoin, uh, most cryptocurrencies, um, is able to to do that. [David] [04:16] I could have the argument that real estate's better than Bitcoin. For a number of reasons, by the way, depending on who you are. Um, your audience will probably disagree because they're probably a bunch of, you know, Bitcoin maximalists. They don't have as much Bitcoin as the real estate guy, by the way. No, I I'll tell you right now, hold on one second. See, that's the funny thing, dude, that me and my brother were talking about this yesterday. You know, the guys that know the most seem to have the least. [Caller] [04:45] 100%. That that I can probably agree with you on. [David] [04:50] It should be a bigger issue within the crypto system and the ecosystem. What do you think? [Caller] [04:54] I think it will be. I think privacy is going to be the the new if you want to in my view, and this is what I'm tasking the investment professionals at Mailstream to sort of figure out. I think that the standout shitcoin or, you know, few shitcoins of 2026 to 2028 will be related in some way, shape or form to privacy. We already saw the, you know, amazing move of Zcash over the last few months. Yes, it's down 50% from the 780 high, but I think again, my goal is, you know, my mental model is 10 to 20% the value of Bitcoin. Definitely Zcash. Um, and so much higher than where it is today. But, you know, you know, taking away Zcash, what is the token project or protocol that's going to utilize some privacy technology, probably something related to ZK or knowledge proofs to do something whether that's quantum resistant, you know, the overlords can't de-anonymize our data or, you know, see what we're doing. Whatever it is, right? These are the things that we're latently afraid of of of what bad things that could happen with this proliferation of big tech, big government. [Caller] [06:04] Trump getting elected and knowing that we share friends in the White House for all the populist parties of Europe who are under attack. Every single populist leader, if you look at the leaders, my last documentary was called Silence. I got 18 months in prison for my last documentary. The reason I aired it was because the documentary was so bigger than me. It's exactly what they're doing. North there has been waged against if you go through, I pick any of them. Pick Herbert, the leader of the Dutch party. Pick Marine Le Pen. Any politician in Europe, yeah? Anyone, pick anyone who has stood up and tried to speak against immigration and you will see a history. Matteo Salvini, I was with him two days ago, the deputy Prime Minister of of Italy was prosecuted in 2020. They said he because he stopped the boat. He was prosecuted in 2021. He was then charged with other crimes. The process is the punishment. Every political leader who's tried to step up was charged. You saw they done to Bannon. You saw they done to Stone. You saw they trying to do to Trump. That's happening across the board. Every of their the state. But I think it's because you elected Trump. I'm very optimistic about the future. More is not because we're not in charge. The public are ready. The public are awake. [Caller] [07:21] So the other thing about it is there's a lot of political power. You know, it's going to have a nuclear election in this 2026 election and the great that were actually going to be lost are still in place because of the money coming in and it keeps things like the cardiac alive, which has been changed a lot. I've had many conversations to try to get it into a better shape and hopefully September 15th, we'll actually be able to get it up and live. I have a lot of problems. What first got you excited about blockchains? Think about it. Oh, wait. I bet it wasn't multi-million dollar hacks, exposed data, or finding somewhere safe to store your seed phrase. Was it? Maybe it was the idea of decentralizing a broken financial system. Maybe it was imagining a world where people own their own data and get to share in the value it creates. Or maybe it was the promise of a fundamentally better way of connecting, communicating, and transacting. The next phase of the internet that empowers us instead of exploiting us. So why hasn't it happened yet? Why are we still living with the same broken system that blockchains promised to fix? It's because blockchains can't keep a secret. Enabling open transparent systems was only the first half of the challenge. For blockchains to really change the world, they also have to be able to protect our sensitive data when it matters. And that's why we built Midnight to bring down the final barrier to mass adoption and unlock the full potential of the decentralized web. Let's build the internet we deserve. Together. [Caller] [09:07] Ladies and gentlemen, we all know this in crypto. Ownership matters. That's why Cake Wallet. Cake Wallet gives you full control of your digital assets all in one easy to use application. You can store Bitcoin, Litecoin, Zcash, Monero, and many more with just one secure backup. Swap between coins in seconds. No copying addresses, no complicated steps and even includes Bitcoin Lightning for faster payments. And with Cake Wallet built in, you can use crypto in real life through debit cards or gift cards. Simple, secure, self-custody. Download Cake Wallet and take control of your crypto. [Caller] [09:51] This is Houston. T-minus one minute until full data blackout. All eyes are on you. [Caller] [10:05] Breaking news. There's an astronaut conducting an emergency repair on a global communication satellite that could go dark at any moment. We have a second angle on this. [Caller] [10:16] Is that guy on FOMO? Oh, yeah. Let me for crazy trading. [David] [10:20] Yeah, let's get back to it everybody. [Caller] [10:35] Breaking news. There's an astronaut conducting. [Caller] [10:43] Opportunity cost is simply this. Every position you take is a position you choose over something else. [Caller] [10:57] This just in. According to the astronaut's FOMO account, highest in the room, the satellite has been restored. Yes. For now, the crisis appears to be over. [Caller] [11:22] Satellite's up and running. Positions look good too. [David] [11:38] There we go. United States of America representing. [Caller] [11:40] Social optimism does not work. [David] [11:43] Digital assets. Is it better to move money at the speed of light through everything? [Caller] [11:47] People are greedy when they also try to acquire gold. [David] [11:49] I'm here providing electricity. And that energy that is necessary. I'm the modern day Tony Stark. [David] [12:08] There we go. United States of America representing. [Caller] [12:11] Social optimism does not work. [David] [12:14] Digital assets. Is it better to move money at the speed of light through everything? [Caller] [12:17] People are greedy when they also try to acquire gold. [David] [12:20] I'm here providing electricity. And that energy that is necessary. I'm the modern day Tony Stark. [David] [12:33] Welcome to the breakdown. By the way, I I just want to. [David] [12:38] What the hell? All right, there you go. I just wanted to go ahead and get Can I get a get a drink of water here real quick? Can I get a drink of water? It's episode 819. [David] [13:07] You're like very professional of you. Very professional of you, Dave, to go ahead and pause out everybody so you can go ahead and get yourself a drink. Yeah, that's right, because we got two hours to go ahead and talk about the latest in the markets, technology, politics, obviously AI, digital assets, everything that's happening in Washington. Welcome, welcome, welcome. Thank you very much for tuning in to the show. I don't know where you're tuning in from, but thank you. Whether it's X, YouTube, Kick, um, are we on TikTok? Am I unbanned from TikTok? Let's go ahead and look. See if we are playing on TikTok. I got suspended on TikTok for I don't even know what the hell I did. I honestly do not know. TikTok really hates me. TikTok really hates me. Am I still I think I'm still I think I'm still suspended. I believe I am still on the sidelines. Let me see. I believe I'm still on the sidelines. What is this on TikTok? People are selling people are selling scratch-off tickets? What what is happening? Are we that broke? Let me look real quick. Uh, Okay, hold on. Because sometimes I hear I hate hearing myself speak on on a clip. Somewhere I feel unstoppable. Right. Hold on, let's see. All right, suspended until All right. Tomorrow I'll be back on TikTok. Sorry, uh, boys and girls. Uh, TikTok, uh, during the during the election night show that we had running on the Goxhstein Media, uh, network. Apparently, um, Akil Patterson, and I want to thank him. Thank you, Akil Patterson. Apparently, he said, uh, something, um, Poptart. And I appealed and they wouldn't they wouldn't reactivate or or lift the restriction. It is what it is. Again, thank you very much for tuning in. Thank you, thank you, thank you. It is 12:21 PM on the East Coast. What is wrong with me today? What is wrong with me? I worked out today. I had a really good workout. Again, I couldn't lift my hands, man. I could not lift my arms, excuse me. I had a hard time doing my hair. All right. All right. We're here. We're here. Okay, shout out to the sponsor. Midnight is the title sponsor of this show. Uh, by the way, guys, join Midnight City. Okay, go join Midnight City. And by the way, Midnight, if you're going to talk about Zcash and Monero, you're going to talk about Midnight. We're going to make sure that everybody starts talking about Midnight when it comes to privacy, okay? Let let's let's not let's not fade Midnight. A lot of you guys like to fade things and you do no research on them on the on the products and on the digital assets that you get into. Midnight is the ultimate privacy network. So shout out to Midnight, all right? Also, Polymarket is the official prediction market sponsor of the breakdown. Shout out to Polymarket. We used obviously we used a lot of Polymarket's data for the election night, uh, show 2026 from 7:00 PM to, uh, 12:00 in the morning, we were using all of Polymarket's, uh, graphics and stats and it was, uh, great to see that hey, Polymarket was right. I mean, it wasn't great like if you're a Republican, you wanted you wanted to see the Republican Party win, but, you know what, you after sitting back for a few days and re-assessing what happened on election night, what happened in, um, the people came out and voted. That that's it. Yeah, yeah. There's no way about it. The people came out and voted. You had Democrats who came out. Democrats came out in full force. They voted. Independents voted for Democrats. And I think some Republicans also switched sides. And I've always said this, at the end of the day, at the end of the day, man, people will vote on how they feel. That's it. At that that current moment, it doesn't matter. It doesn't matter if long-term it's a good thing that we went to Iran and we took out their nuclear capabilities. It doesn't matter. Like it doesn't people think about how they can go ahead and feed their families, pay the rent, pay car notes, whatever it is, insurance. These are the things that people are thinking about. That's it, bottom line. Bottom line. I went ahead and wrote something on threads, which a lot of you know, it's funny. It's either they're bots on threads, either 90% of these people are are straight up bots, or they know absolutely nothing about how Congress works. So I said, and I wrote out a on threads, you know what the Republican Party should do right now, since they have 60 days left, less than 60 days left, you could say, uh, to while they control the, you know, Congress, just activate go there and activate, somebody even wrote it. Activate the nuclear option, which is go back in there, filibuster, pass pass the save act, pass everything. Because the Democrats are going to the Democrats are coming, I'm telling you right now, the Democrats are coming in to power and they are absolutely going to get rid of the filibuster. So you might as well do this right now. Enact the nuclear option here and go and pass everything. If I'm the Republican Party right now, if I'm the president right now, I'm telling them, you know what, let's go, boys. Let's pass everything through that we can in the next 60 days. Because if you don't do it, when these people get sworn in, they are getting rid of the filibuster. And everybody's like, oh, like we don't want to do it because no, no, no, no, they're going to do it. You don't want to do it? Well, they're going to do it. You see, Senator Thune is a jackass. All right? Senator Thune is a jackass. He absolutely him and the rest of the rhinos hurt the Trump administration and the policies that they wanted to go ahead and pass. Senator Thune is the biggest jackass of all time. 100%. This guy is probably a closet Democrat. It is what it is. I said what I said. And we talked about this. Do we really need to go to war with Iran? Do we really need to go to war with You know, at this point, I sit back, you know, I get it. We police we police the world in in some aspects. We really needed to go over to Iran? Because we were doing great with gas prices and fuel and all that stuff. And yes, I I am one to tell you, man, Iran, the regime, terrorists. A bunch of terrorists and you can't have terrorists having a nuclear weapon. Because they don't care. They they will absolutely destroy the world. But that's why the Republican Party lost. Besides having again, I'm going to say this again, horrible candidates. Horrible. Terrible candidates. Terrible candidates. And right now, there's I don't know. There's a lot of talk right now that's happening. So let me break this down for the Republican parties. And and and for the Republicans that tune into the show. We lost because terrible candidates, they did not resonate with the American people. Like these candidates that were thrown out there, did not resonate at all with the American people. Let's call it for what it is. We can blame this, that and the third. We can talk about we can talk about Iran all day long. Horrible, let me tell you something. Horrible marketing, okay? Horrible campaigning. I I I don't remember seeing anything from a Republican, okay? Any of these candidates. I don't remember seeing anything on TV, in the papers, nothing. I'm going to tell you the only person that was really visible was uh was Byron, the new governor of Florida. That's it. Like everybody else was invisible. I saw Trump more than I saw the actual candidates. I don't even know anything about them. All right, you want to talk about uh Rogers in Michigan and you want to talk about um you want to talk about Texas? Okay, I'll give you those two. Everything else I didn't see anybody. You would think so much money. You have Elon what, $450 million? Was it a billion? I don't know, million, billion into the campaign? I didn't see these people. If I didn't see these people and I report on this every day, what about people? Just the regular people. Candidates were horrible. Candidates were horrible. Obviously, Iran was a big issue. Iran was a huge issue. Iran was absolutely a huge issue with a lot of people because no new wars, the Democrats used that, pushed that into the people's minds, hey, affordability. You know what's funny with the Democrats right now? We they ran on affordability. Affordability, affordability. And now every single you and this I got to say this, every single person that went out there and voted for a Democrat. You guys wanted change, well, you voted for it. You wanted change to where lower gas prices, cost of goods, lower prices at the grocery stores, right? Well, check out what the newly elected officials are doing. They're going to war. And they're going to war with the Republican Party. So congratulations. You won nothing. And that's why I can spend hours on this. Um, day two of the after, you know, day two looking at this entire thing after the fact of the midterms. JD Vance says out loud, the reason Republicans lost, uh, is the war. All got crushed 8% on it. Bitcoin was back over 80K, but it went down. I I think Bitcoin is down now. Um, Democrats are already drafting their own crypto bill, which is horrible. Democrat but the Democrat see the Democrats are playing this smart also with crypto. The Democrats might draft the Clarity Act and it might pass and they'll look like they're the ones that were pro-crypto and the Republicans weren't. And that the Republicans didn't want to get anything done and they're going to say like, we got it done. It's crazy, man. It's crazy. It is wild to watch what is happening, man. Uh, JD Vance again, let's go back to that topic. Uh, JD Vance said, you know, we the reason we lost is the war and Democrats set their agenda, which is true. Uh, JD Vance posted on X, the reason we lost the the reason we lost is the war. The president himself said so last night. And he said if you'd like to argue it was worth it, that losing the Senate for the next six years was worth it, then do so. Trump said Vance's point was largely true. There's been conversations that Trump and Vance did not talk. Uh, apparently that there was all supposed to come out with the same message and I think Vance came out with his own. Because Vance is trying to distance himself in this. Vance wants to run in 2028.

[Part 2 of 6] [David] [00:00] party has two years to get their shit together. The Republican Party is missing somebody. I got to, you know what I got to tell you guys? The Republican Party, I was talking about this. I don't know who I talked to. I don't know who I I spoke to about this. The Republican Party is missing somebody like Hassan Piker. Hassan Piker is out there, and it's crazy that I'm even saying this. He is out there and he is pushing he is pushing some of these communists into office because he's connecting with the younger generation. The younger generation has absolutely no clue about politics, but they are frustrated with capitalism. They're frustrated with their student loans, and they're also being mindfucked by a bunch of liberal professors. So let's call it for what it is. And here he is, Piker is doing an absolutely great job. A great job. And making sure that these individuals are voting for these DSA candidates who absolutely hate America. I'm not making this up, just replay the tapes. They do not like America. They hate capitalism. And they're trying to usher in what you have in the UK, what you have in France. They want that here in America. They do. They want that here in America. And obviously, they are using every single hot talking point to get it done. Israel, the the psyop with Israel and Jews is I got to tell you, it is the greatest campaign of all time. It is the greatest marketing campaign of all time. The way that they have pushed Israel into the spotlight as the bad guy. You don't hear about October 7th anymore. Nobody cares that Israel got attacked on October 7th. That's pushed away. Nobody cares. Israel is the bad guy. And they've done everything to crank that up. And it's going to be funny how the Democrats play this out too, because they've won the House and the Senate, but they got DSA candidates in there who hate Israel. They hate Jews. And now you have the old Democrats that use the DSA to go ahead and have this victory take place. And now they're going to have to we're going to we're going to see. We had I think El-Saied said that they need new leadership. I think that's what he said out there, that they need new leadership, and it's not Chuck Schumer. Chuck Schumer is out there talking about, well, he is going to continue to lead the Democratic Party. This will be fun. You got Timu, Timu, you know, Timu Obama, he's running to go ahead and be the House Speaker. He's talking about no Democrats that he's talked to have talked about weaponizing the legal system against Republicans. Meanwhile, every Democrat that got elected went onto social media to say, lawyer up, we're coming. This is what the people voted for? No. The people don't give a fuck about your beef with Trump or other Republicans. They're they voted for you, well, a lot of them voted, I would think, because they said gas prices are high, fuel prices, all these things are high, we want you to take care of it. I'm telling you right now, and I said this yesterday, this ends two ways for the Democratic Party. Either they showcase that they are able to work for the working class, for the American people, that they're able to go ahead and get the job done, or they're going to show everybody that they didn't give a fuck about what they campaigned on, and they're going to attack the Republican Party, and they're going to make sure to make Trump's life a living hell. Trump is in a bad position. I'll tell you that right now. Trump is in a bad position in some ways. Because if he passes these bills that the Democrats go ahead and put forth, then the the Democrats win. And if he doesn't sign off on them and he vetoes them, then the Democrats win. The Democrats can win either way if they work it correctly, which they won't. They're they're too focused on Trump. Trump is bad, Trump is bad, Trump is bad. Here's the thing where I'm going to tell you where the Republican Party will win. I will tell you how the Republican Party will win. And you can go ahead and clip this and replay this for the next two years. I'm going to tell you how the Republican Party will win. The Republican Party runs on we hate Trump. I want you to listen to what I'm saying. The Republican I mean, the Democratic Party runs, excuse me. The Democratic Party runs and even some of the Republican Party, okay, the never Trumpers. All these people, they run if you ask them what they're running on, it is we hate Trump. That's it. That that is Well, what else? No, no, we we got to take care of Trump first and then we'll get out we'll we'll we'll start doing the what else thing. Trump is not running after 2028. So the Democrats are going to have nothing to run on. Trump is gone after 2028. You're going to have JD Vance, you're going to have Rubio, you're going to have DeSantis. Like you're going to have a whole new crowd for the first time, for the first time in years. So they will have nothing. The Democrats or anybody who dislikes Trump, there are, you know, there are Republicans that don't like Trump. They will have nothing to run on. Nothing. The Republicans will be able to run on things. The Republicans will be able to run on a strong economy, especially if in the next two years the economy continues to be strong the way it is, inflation goes down, rates go down. The Republican Party can run on something. DeSantis can run on look at Florida. DeSantis can come out and say, look at Florida. Look what I did in Florida. Look how life is in Florida. No tax, well, less taxes than other states. Like like he can run on so many things on how he did an an amazing job in Florida. Rubio. Rubio can run on how he's gone all across the world, sat down with the biggest players, did things to put and level up the United States of America as the Secretary of State. I I by the way, I wouldn't even be surprised if Rubio resigns. I would not be surprised if Rubio resigns to focus on a run for the presidency. JD Vance is in a bad position. JD Vance is in a bad position. Let's call it for what it is. Republicans, I think you can agree with me. JD Vance, I don't know whether what I don't know what you think of JD Vance. I actually like JD Vance. I think he's able to take on anybody, whether it's a debate, whether it's a network that's, you know, 90% of these mainstream media networks are full woke left. He can sit there, he'll go onto any newscast. He'll sit there and he'll have the conversation. And he's always and he always has talking points. The thing with the thing with JD Vance, the thing with JD Vance is that a lot of people still believe that he has never truly been on Trump's side. He still associated himself with with Tucker. He never left Tucker. And all the woke uh left woke right, excuse me, the woke right committee, uh he never he never distanced himself publicly. And obviously he didn't want the war. And he said what he said about Israel. I mean, I can also say, here's here's here's my take on Israel. I'm going to give you guys a take on Israel. The machine has done a wonderful job to now ruin a friendship between Israel and the United States of America. They the machine all the propaganda that has been put out there, they've done an excellent job. I got I got to give it to them, round of applause. They've done an excellent job to to break that relationship. That the United States of America had with Israel. 100%. And what they've done is, if if you've watched, Israel's enemies have now in some way become Israel I mean, Israel's enemies have now become in some ways the the new partners with America. Zoom out. Think about what I'm saying. Look at it, zoom out, think about what I'm saying here. Because it's true. You can see it in 4K. You can absolutely see it in 4K. Again, like I said, marvelous job. When when President Trump is going out there saying, hey, we'll cut the four $4 billion that we send to Israel by the end of the year. That says something. They they they see that there is a disconnect especially with the campaigning that if you are in a sense pro-Israel or just you you can say it, pro-Jew, you're you're getting cooked. That's it. And you can say whatever you want about Israel. Hey, listen, God bless. At this point, you could say anything you want about Israel. You could say anything you want about Jews, because ain't nobody going to stop you anymore. There's a few people left in the government that are willing to go ahead and defend Israel or Jews, Jews in general. A poll came out that like 63% of American Jews voted for El-Saied. Besides that, voted for Democrats. There's a difference, and I keep on saying this. You're born into Judaism. You don't get to pick whether or not you're Jewish. You're born into it. It's not like being Christian or Catholic. It's not like being Christian or Catholic. You are born into being a Jew. If your mother is Jewish, you're Jewish. That's it. You don't get to decide. So, a lot of the Jews, a lot of American Jews that were born here, they were born into Judaism, they don't go to the temple, they don't go to the shul, they don't practice at all. Zero. And then especially once they get into college or a university and they start listening to these professors, it's over. Or they get into certain circles where they, you know, people are saying these things, it's over. They start to question about oh, oh my God, Israel, look what they're doing. Nobody brings up the fact that Israel was attacked. No, nobody cares. My whole thing is like, hey, do you condemn the Hamas attacking Israel? And and everybody like, no, we're not going to talk about that. Let's talk about how Israel counterattacked. Well, yeah, the United States of America did shock and awe to Iraq. The United States of America did shock and awe to Afghanistan. The United States of America went absolutely ape shit when we were attacked. What do you think a country like Israel is going to do? Well, a military when they're attacked on a on October 7th, what do you what do you expect? Oh, no, no, we'll just, hey, you Worst day in the history of Israel and for Jews, oh, you know what? No problem, guys. Do it again. Kill us off. These are talking points that are not touched. Listen, can we have a conversation about Bibi? Can we have a conversation about Bibi? We can. We can have can you criticize Israel? You can. You're allowed I criticize anybody, okay? Because that is my right. I can criticize anybody whether I'm right or wrong. I can go ahead and have an opinion on something. That doesn't mean I'm anti-Semitic, that doesn't mean that I'm racist or I'm a bigot, it doesn't mean anything. I'm just allowed to go ahead and voice my opinion in the United States of America. If we can criticize the United States of America, we can criticize Israel, we can criticize Ukraine, we can criticize any country. Here's how I look at everything. Let me break this down. I want you guys to understand how I look at everything. Number one, I don't want the United States giving out money, foreign aid to anybody. I don't care if it's Ukraine, I don't care if it's Israel, I don't you name it, I don't care. I do not want I do not want our tax paying dollars going to anybody. I want our infrastructure being fixed. I want the homeless situation being fixed, that the drug pandemic that we have, I want that fixed. I want I want us to build out shops, okay? Where people school little pop-up shops. I'm getting frustrated right now. I want workshops to be built out for people in the inner cities or people that just just can't like afford afford to to learn AI or digital whatever it is. I I want these people to have an opportunity. So we need to focus on America. That's basically what I'm saying. We need to focus on Americans and Americans only. We need to get our shit right before we help anybody. We are helping everybody, but we haven't helped ourselves. That's basically it. If Israel wants to go to war with Iran, so be it. That's their problem. Do I like war? No. I don't like war. I I here's how I stand. War is the last option. War is the last option. Every country has the right to defend themselves. If Ukraine wants to defend themselves against Russia, so be it. I mean, Russia came and attacked Ukraine. So, so be it. And everybody's scared of Russia, by the way. Russia can't beat Ukraine. Let me go back to Israel. You have a lot of people that'll say, well, hold on. How does Israel, who has one of the greatest intelligence intelligence agencies in the world, how does October 7th happen? Now, there's no middle ground with this. One, people say that Bibi let it happen, which I don't believe he did. But people will run with that story, or two, they just got with the they got caught with their pants down. That's it. They got caught with their pants down, or they had information and they didn't take it seriously. I mean, we had information on 9/11, right? Did we take it seriously? So it's one of those but then people, you know, will go back to 9/11 and people will think that it's an inside job. Again, those conversations can be had. Welcome to the breakdown. Welcome, welcome, welcome to the breakdown. Sponsored by Midnight, sponsored by Polymarket, sponsored by Cake Wallet. Cake Wallet is one of the most secure wallets that we have in this industry. You want to hold your Bitcoin, Litecoin, Zcash, Monero on a secure wallet, go to Cake Wallet, cakewallet.com, Apple App Store, also Google Play. Fomo.family, you can watch me trade this month and next month. Uh, and you can also watch others trade and see what the hell people are doing. Read the thesis, copy trade, maybe win. Fomo.family. There you go. We'll talk about the markets too. I just, you know what? I wanted to I think I need to get this out my system and I I think I'm getting more fired up. I'm getting more fired up about these conversations. I really am. Because I'm watching I really am watching the United States of America. The United States of America is two years away from becoming a country that I believe we won't recognize or start to recognize. Because if these communists get their way, they'll open up the borders. They'll make sure that a lot of these individuals hit up the red states. And then it's what Elon said. It's exactly what Elon said. And what happens then is you have one party that rules all. That's it. You know what's funny to me? Democrats despise Republicans, despise MAGA. Yet these people went and moved into red states like Texas. They've tried to move into Florida. They've moved into Mississippi. I mean, I can name you states that the same people who bitch every single day about disliking Republicans and the way Republicans live, and how they want to tax people, billionaires and who and entrepreneurs. These people who despise Republicans moved to Republican states and then vote Democrat. Texas. Texas went blue. It's crazy. It is fucking crazy. It is absolutely nuts, man. Absolutely nuts. Mind-boggling. Mind-boggling. Mind-boggling. It's crazy. 9/11 is blamed. You know, I got to let's talk about let's talk about my Jews real quick. The Jews are blamed for everything. You got obviously the Jews are blamed for Jesus. Jews are being blamed for 9/11. 9/11 was essentially which is pushed out there, also being pushed out there, strongly being pushed out. It's funny how that works. The Jews were were the ones who put together the plan for 9/11. They were dancing across the river watching. That that is that is what you're being told. This is how people are being syopped. We give money, we give an enormous amount of money to Jews. We protect Israel. You can just name a list of things. If Jews are so good, then why have they been kicked out of every country? You'll have you have all these things being pushed out there. And then you have people that start thinking, you know what? May maybe maybe these you know what? You hang around you hang around enough shit, you become that. And you listen to enough garbage, you start thinking that way. It's the truth. Yesterday I put on Alex as I was working, I was watching Alex Jones. And I thought, honestly, when I'm watching Alex Jones, I I thought I was watching an SNL skit. I swear on everything. I'm watching Alex Jones respectfully. I think Alex Jones has called some things that you can go ahead and tip your cap to him. But there are like I was watching yesterday, I was like, this man is off his rocker. The things that he was saying, then he's promoting survival, I think it's Survival World or something, uh, you know, 90-day, uh, you know, uh, rations, go get them right now. Get your, you know, radiation proof, uh, vests and stuff. I'm watching all this stuff. I'm like, this is an SNL skit. Listen, I'm not saying I'm not saying things can't happen and you shouldn't have rations. But I'm saying like the way I I was watching this and I was like, what what the fuck is happening? I'm like, what am I watching? Anyway, I'm veering off. Anyway, Vance, it looks like Vance is he's he's definitely distancing himself away from uh, it looks like he is just making sure to keep his distance away from from Trump. I I think I I think that's his plan. Because he's like, there's no other way that I can win. Uh, and he will run. Democrats plan their own crypto market structure bill. We talked about that. Clarity Act dead in the water in its current form is what they're saying. So whatever that that Clarity Act that they put together and that has like a 125 plus amendments to it, uh, the Democrats are just killing that off and they're going to introduce their own thing. So here's a summary. Uh, Democrats, House Democrats are reportedly discussing a broader market structure bill for the next Congress built on Maxine Waters, who has no clue about crypto, uh, crypto investor and consumer Bill of Rights with a bigger SEC role, limits on the CFTC, and the ethics rule that can restrict Trump and other officials from crypto business. Republicans reportedly call it a messaging bill.

[Part 3 of 6] [00:08] The bill that they'll write. You see like here here's the thing with the Democrats. They will write a bill. [00:22] Again, if they write a bill here that makes sense and it goes to Trump, because they'll pass it in the house, they'll pass it in the Senate. It goes to Trump. Trump has to sign it. [00:35] That's the thing. If if the bill is good enough, [00:41] And you know this bill will favor the banks, more so than in crypto the ecosystem itself. If this bill passes, the House and Senate, Trump will have no other choice but to sign it. And if he doesn't, again, this is something that the Democrats can take to the crypto industry and say, guys, look, the 70 million of you that hold crypto, we tried to pass this bill, but the Republican Party and Donald Trump refused to sign off on it. [01:12] And now you'll have people in crypto that say, you know what? It's time to elect a president from the Democratic side. [01:20] Because Democratic because crypto voters are one issue voters for the most part. That's the only thing they care about is, hey, we want to make sure that we can trade crypto. We can innovate here in the United States of America. We're trying to build a business based on crypto. So we're going to vote for the party that's going to give us that opportunity to do so. So we're going with the Democrats. [01:46] And and you know what? The Republican Party can say, we've tried to pass this bill. Guess what? You didn't. [01:53] You could say all you want about, hey, we tried to pass this bill, but guess what? You did not pass it. The Democrats did. [02:01] The Democrats who own the House and Senate, they passed it. If that does happen. If that does happen. [02:13] Welcome to the breakdown. This is [02:22] You know what? The Republican Party had so much time, had absolutely so much time, two years, control of the House and Senate to pass voter ID, the Clarity Act, everything that you can name under the sun that would have absolutely and I've, you know what was crazy? I was talking about this ever since the Republicans took control, Trump's phenomenal comeback. Nobody thought Trump would be president again. Nobody thought. Nobody, absolutely nobody thought Trump would be president. [03:00] Not the 47. No way. Here is Trump and he has the House and the Senate, but the Senate refused to do anything. Senator Thune refused to go ahead and get rid of the filibuster. They refused to do anything. [03:22] Voter ID is like the simplest thing to go ahead and pass. They refused to do that. It is crazy how bad they dropped the ball. They dropped the ball big time. [03:35] Big time. Sad. It is sad because a lot of things could have been passed and people would have said, you know what? I I think and also again, it comes back to connecting with the people, which the Republican candidates, there's no connection there. [03:50] There's absolutely no connecting. There was there was no candidate. 95% of these candidates did not connect with the people, okay? They did not resonate with the people. [04:03] And that that was crazy. [04:08] And you gave the Democrats every opportunity to take the House and the Senate the way they did. By the way, I just want to say this because I think the night of of the elections, I think people freaked out. I I'm the one who also said that, you know, the Democrats took the belt out and and and smacked the hell out of the Republican Party. But Obama and Clinton, they lost they probably lost bigger than Trump did. [04:40] When their midterms came around. So, I mean, that's not it's a great talking point, but at the end of the day, it doesn't do anything. Because now again, you're going to have a bunch of Democrats who have been waiting for this moment, as Phil Collins would say, for a really long time to go after Trump, his administration, and every single Republican. You even have them talking like this on national TV where they're saying that anybody that works with the Trump administration, law firms that are looking to go ahead and defend the Trump administration, they will go after them as well. They are they are so set on going after Trump that they forgot about what they campaigned on. And but I knew that was going to happen. [05:34] I knew that I we absolutely knew that that was going to happen. And it's happening. [05:41] Anyway, welcome to the breakdown. It is 1:04 p.m. Eastern Standard Time. [05:50] Democrats shut down the government, but you would think it was the Republican Party. It wasn't. It was the Democrats. [05:56] Democrats have ran for years on we hate Trump. I'm telling you 2028, they don't have that anymore. They have they do not have that anymore. Shout out to Nick Fuentes who pretended to be a Republican, a MAGA guy, who then switched up and told his entire Groper base to go ahead and vote for Democrats. He had a bunch of woke right people that because they couldn't go ahead and be next to Trump anymore, they came out and because engagement is king, because if you say that you don't like Israel or you criticize Israel, you criticize BB and Jews and whatever it is you want to bring, you criticize the war and all that stuff, you're going to get massive engagement. And that's where Megan Kelly, all these people decided to, you know what? We can get engagement here. [06:48] They were never they were never MAGA. They were never real Republicans. [06:55] Megan Kelly didn't never like Trump. Never like Trump. Ever since Trump went ahead and on that podium as he was debating Hillary, [07:10] When he dissed her, she never forgot. She used him to get views. That's all. [07:20] Meg Kelly pretty much says she doesn't really the Muslim Brotherhood with El Said really doesn't really concern her. Yesterday though, a little bit of the tune changed with her. She said, he seems very angry. No shit. No shit, Sherlock. [07:40] Oh, and then nobody, you know, a few a few years from now, people will be talking about 2026 and they'll say, holy shit, what do we do? That's what people will be saying in 2026. I mean, in years from now, they'll be saying in 2026, what the hell did we do? We went after Trump so hard that we, you know, absolutely absolutely destroyed our country. The fabric of our country has been ripped apart because we were so focused on Trump. [08:17] Crazy. The AI trade split, Microsoft and Amazon up 6% by the way. Microsoft and Amazon up 6% on the day. Coreweave down 10%. [08:32] What happened to and by the way, I woke up the S&P, man. [08:38] Circle beats cuts 5% of staff. Arc token presale adds $182 million. [08:48] AI, Open AI hires the firm that got into Anthropic. ChatGPT says that it's 20% of Google searches. [09:03] Judge says CFTC likely overstepped on single stock purps, but lets them trade. [09:15] Crazy. Crazy what is happening. Crazy, crazy, crazy. Absolutely. Crazy. [09:28] Crazy. I you know, honestly, I don't I the markets, I talked to, you know, somebody reached out to me and said like, hey, man, they were talking about going back into the trenches. I said, the markets are about to collapse. [09:46] And I don't believe the markets are stable right now. Even after the midterm, you know, obviously being over with. Or the election for midterm elections being over with and um, and this this happens. And they text me and they're like, yo, you were right, Mike. This doesn't look stable. [10:06] Just does not look stable. [10:10] I think I again, I think we're 90 days away. We're absolutely 90 days away from seeing that bull market slowly, we're 90 days away from seeing us go up, up, up. Um, just have to have patience and look for things that are worth getting into. Bottom line. There there are a lot of And this is also diversifying. It's not just staying in crypto, also looking at things like SpaceX. Like I'm going to keep on mouthing off about SpaceX. Like SpaceX will be a trillion dollar I mean, I believe Elon when he says 100 trillion. Was it Elon who said it? I forgot who said it. $100 trillion. I think he agreed that it could be. $100 trillion market cap. [10:58] Why would I go into any of these dog shit plays in crypto when I can get into SpaceX and just sit on that? The same way you could have sat on Tesla when it was dirt cheap and just allow it to soar. Elon's not going to fail. And now Elon also is going to have to watch out because I'm pretty sure the Democrats are going to come after Elon. 100% Elon, they're going to come after Elon. There's no way no if ands and buts. They are absolutely going to come after Elon. [11:33] They're coming for him. They are coming for Elon. [11:40] How dare he? How dare he side? How dare he side with the Republican Party? How dare he side with Donald Trump? [11:54] They're going to come after him. They're going to try to they're going to try to bury his companies. They're going to try to bury SpaceX. They're going to try to bury Tesla. They're going to try to bury Neuralink and Starlink. They're going to try to bury everything that Elon has. [12:11] That that is the way they go about business. [12:17] Pretty sad. An entrepreneur who has done everything possible to create and innovate in the United States of America. They will go after Elon and make an example of him and show everybody in Silicon Valley, billionaires, you mess with us and you will be Elon. That's exactly what they're going to do. Elon that's why Elon put so much money into Texas. That's why Elon put an an enormous amount of money into the midterms. Because he knows exactly what they're going to do. Bottom line. [12:56] He knows what's coming. Elon knows what's coming. [13:01] But again, speaking of SpaceX and Tesla, those are my I love those two. I absolutely love SpaceX because I think SpaceX is absolutely going to be a phenomenal company. Phenomenal company. In terms of market cap, in terms of what it's going to be able to do. I mean, you get into SpaceX and it does what it does, especially with Elon leading the charge, you're good. Tesla as well, and I think they'll merge 100% Tesla. You even I mean, Elon hinted it. [13:33] He hinted at it. [13:38] He let you know that it's happening. It is happening. When is the question? [13:48] I've said this to a lot of people. It it's time to get into Bitcoin. Use this time right now. Use this time where the markets are going sideways. Use this time to get yourself Bitcoin and any of the other majors that we have here in crypto. Stay away. Listen, you want to play with memes? No problem. Play with them after you've already built your foundation, so you don't have to worry about anything. You know Bitcoin's going to continue to go up. You know ETH is going to go up. Regardless if you like it or not, ETH is going to go up. Even if you're salty on Vitalik right now, ETH is going to continue to go up. Privacy's going to do well. You need privacy. Things like Midnight, things like Zcash, things like Monero, they're going to do well, like 100%. If you're looking for the gains part of it. [14:40] But you should ultimately have Bitcoin. Whether it's 0.1, a half a Bitcoin, your goal should be acquiring Bitcoin. Bottom line. [14:53] And I say that to you guys on every single program. That's the goal. That is your ultimate goal is to acquire that. At least one if you can get one Bitcoin, congratulations. You'll be in the 1%. [15:08] You'll be in the 1%. [15:10] Anyway, welcome to the breakdown. Where's the round of applause? This is water by the way, so I have to announce that because obviously we're on we're streaming on all platforms. YouTube will love nothing more than to give me a strike, thinking that this is a Heineken bottle. It's not. It's water. Uh we have a guest coming on in the next minute. Why is my screen just not working here? Why isn't that working? This is crazy. [15:57] We have Danny from meanwhile coming on. Meanwhile, excuse me. Um, we'll talk about Bitcoin uh talk about Bitcoin life insurance. Interesting topic. I don't I don't think a lot of people are talking about that. I don't think a lot of people are talking about that. But I want to thank everybody for tuning in as always. We'll be back on TikTok again due to election night 2026, uh due to Akil Patterson, my co-host um for the night. He said Poptart and apparently they think he said something else. So I got restricted. I'm always getting restricted. This is crazy. [16:38] Freedom of speech. What happened to that, man? Saying freedom of speech is cool, man. Freedom of speech is cool. We'll get back to um we'll get back to all the other stuff to talk about. Let's bring in uh our guest in the back who has absolutely we've another guest we've not given water to or anything. No, nothing, zero. They got they get nothing. They get nothing. [17:02] [David] Danny, welcome to the show. How's it going? [17:04] [Guest: Danny] I'm good. I'm good. I brought my own water, so we're all good. I appreciate it. [17:08] [David] I'm sorry. Our staff is horrible. I just I'll keep it I'll keep it real here. Uh absolutely horrible. What what do you make of the market? Before we get into it, what do you make of the markets right now? [17:18] [Guest: Danny] I mean, talk about uh talk about a whipsaw. My my neck hurts from yesterday to to today. But um, you know, I I think if you're depends on your your mindset, right? So I I often say that I as a as an operator in the long-term insurance business, I'm not a day trader. And so if if you have a long-term mindset, I think that days like today ultimately always look like buying opportunities. So that's what I'm doing, um, personally. And then as a business, we just don't we don't care about the day-to-day volatility. So everything that we do is priced in years, and if it's not years, it's decades. And um, we we have the benefit therefore of not having to worry about uh the day-to-day volatility. But but I will say personally, yeah, my my neck hurts from the from the whiplash. [18:05] [David] Yeah, I I up, down, up, down. But you know, also at the I I share the same sentiment. I I I don't care. If I can get cheaper Bitcoin, uh if I can get cheaper anything in the markets, uh I'm I'm all for it if it makes sense. Obviously, and Bitcoin, I mean, for me, it's not about gains. It's a little bit different. I'm I'm sure you can also agree with that. Uh it's a little bit different when it comes to Bitcoin. Um, all right, let's talk about it. Explain it to me like I'm new. What is Bitcoin life insurance and what is it for? [18:33] [Guest: Danny] Yeah, so so we operate a company called meanwhile. Meanwhile, uh at its core is just a long-term financial institution built for the digital asset economy. And so what we've started with, our first business is a licensed and regulated life insurance carrier, uh based in Bermuda. This is where I pause and I make the distinction that Bermuda is not the Bahamas. Bermuda is like risk capital of the world. Most the global insurance, reinsurance carriers are operating in Bermuda. Uh we have one of those carriers and the only thing that makes our carrier interesting is that it is the only company in the world that uses Bitcoin as its functional currency. So, our insurance carrier uh operates on the Bitcoin standard. We're the only company in the world to our knowledge that literally states its externally audited financials in Bitcoin. Um, so in the spring, you'll be able to read our KPMG external audit, uh uh for the 2026 financials, and the balance sheet, the income statement, uh won't show a single dollar. It'll all be denominated in Bitcoin. So by denominating an insurance carrier or life insurance carrier in Bitcoin, uh what that enables us to do is write normal insurance products, like whole life insurance, annuities, things like that, that similar to the carrier itself use Bitcoin as their currency. So our policy holders pay their premiums in Bitcoin. When they die or when they reach the end of their the term on their annuity, they get Bitcoin paid out to them. Um, and because everything we do is end-to-end in Bitcoin, we never care about the price of Bitcoin. So if you put 10 Bitcoin in and we promise you 15 Bitcoin out in the future, you could put 10 Bitcoin at today's price, call it whatever, $70,000, $75,000. And then, uh in 50 years, 10 years, however long, if you're promised 15 Bitcoin and Bitcoin's at a million dollars, you're getting 15 $1 million Bitcoins at that point in time. And then because it's uh legally structured as life insurance, in most tax jurisdictions around the world, you get some amazing tax benefits. So whole life insurance in the United States under the Internal Revenue Code, uh has three primary benefits. You have tax-free uh compounding growth inside the policy. You can borrow against your policies tax-free. And then when you die, the the death benefit, the death benefit, excuse me, pays out to your beneficiaries income and capital gains tax-free. And again, by wrapping it all up uh and using Bitcoin as the currency, you get all of that plus any price appreciation of Bitcoin uh in inside of that tax advantaged uh wrapper that is life insurance. So, that's where we've started. Uh we've been operating this business for about five years. We've raised over $180 million to date. We just raised uh uh a Series B in the last few months from backers like Bain Cap, uh Apollo, Northwestern Mutual, uh and several others. Um, so we're just getting started. But we're we we started with that whole life insurance product both domestically here in the United States and internationally, because in our mind, it it aligned most with kind of the Bitcoiners HODL mentality of, um, you know, hold on for dear life. Bitcoin is a long-term asset. Whole life insurance is the longest term financial product that exists because it literally exists your whole life, no matter how long you live. And so there's this like beautiful marriage between those two things. And then because the chassis or the product itself is whole life insurance, uh offered by a regulated and licensed life insurance carrier, you get all those amazing tax benefits on top of it. [22:04] [David] Let me ask you this, why would someone put their Bitcoin into a policy instead of just holding it? [22:08] [Guest: Danny] Yeah, so so the first reason is growth of a policy. So, just like any life insurance policy that you that you purchase, the the payout at the end of the life is greater than the premiums that you pay in. So again, there are no dollars involved with our product, but what that means is you could pay in one Bitcoin or 10 Bitcoin or 20 Bitcoin or whatever. The minimum is one quarter, so 0.25 Bitcoin. Uh but you could pay in 10 Bitcoins, and then based on your medical underwriting, just like normal life insurance, the payout to your family could be 15 Bitcoins. So it's a way of like growing your Bitcoin stack, um, uh through a regulated insurance product that is backed by the balance sheet of a regulated insurance carrier. So you're not taking like ridiculous credit risk or unknown credit risk like you may have at BlockFi or Celsius or something like that. Um, so that's the first. The second, like I stated, is the tax benefit. So that growth of 10 to 15, um, is tax is tax-free as long as the growth stays inside the life insurance. The payout goes to your beneficiaries income and capital gains tax-free as well. But the big benefit for most people, um, frankly, David, is that in the United States and in many tax jurisdictions around the world, you can use whole life insurance as an asset, as collateral to borrow against. And those loans are tax-free. So, I like to say that Bitcoin historically has been an amazing wealth accumulation product asset. Uh it's been a great store of value. But it is not succeeded as a medium of exchange. You're not going to go out and like buy a house or buy groceries or pay your kids tuition in Bitcoin. Um, so if you want, you could have built your wealth in Bitcoin, and then your options are like sell it and pay capital gains tax on any appreciation. You can borrow dollars against it, but then you're at constant risk of getting margin called based on the volatility between your collateral, which is Bitcoin, and the dollars which you've borrowed out, and then you could ultimately lose your Bitcoin based on price action. Uh but the benefit of our product, and this is just true of life insurance in general, is that you can use your policy as collateral. You can take a tax-free policy loan against it. So, in our instance, I you know, I could pay my premiums today at $75,000. If in 10 years Bitcoin's worth a million dollars, my my policy isn't a million dollars. My policy is some number of Bitcoin, and I can use those Bitcoin as collateral. I can borrow a Bitcoin against them for a million dollars uh of value. I could sell that Bitcoin and owe no capital gains tax on that sale because the loan the borrowed Bitcoin is a new cost basis Bitcoin to me. And therefore, when I sell it immediately after I take the loan, I'm just selling it at cost, and I owe no capital gains tax. I could take that million dollars. I could buy a house or or do whatever I want with it. And then the the you know, the last benefit here is because the loan itself is one Bitcoin, not a million dollars, and the collateral is a some number of Bitcoin in the policy, I'm also never at risk of getting margin called. In fact, there's no term on the loan. I could just never repay the loan for the rest of my life. And then whenever I die, I'll just pass on some net number of Bitcoin fewer than I otherwise would have because the loan balance just gets subtracted from the death benefit of the policy. Um, so you have these this combination of benefits, right? So you have you you have a a tax-free growth of the number of Bitcoin that you have, which your risk-free rate of return in Bitcoin is zero. It's a way to get like reliable, steady, guaranteed yield from a regulated insurance carrier, um backed by the balance sheet of the carrier. So you have you have the tax-free growth, you have the tax-free payout, and you can structure it in different different ways if you are planning for estate taxes or or benefit during your life. Uh and then the third is you can obviously borrow against it to extract some of that Bitcoin value during your life most tax efficiently without the risks of uh of margin call. [25:57] [David] After year one, people can borrow up to 90% of the policy value without margin calls. How does that work if Bitcoin drops hard? [26:05] [Guest: Danny] Yeah, so exactly right. So so let's say again, um, I'll just use round numbers. Let's say after year one, my policy

[Part 4 of 6] [David] [00:00] is worth 10 Bitcoin. It could be worth one Bitcoin or it could be worth, you know, some number more or less. But let's say to use round numbers, my my policy is worth 10 Bitcoin. And I can take a a 90% uh loan against that 10, which means that I can borrow nine Bitcoin. So my loan is nine Bitcoin, my collateral is 10. If Bitcoin drops hard, my loan is still nine Bitcoin against 10 Bitcoin of collateral. So there is no relative volatility between dollars and Bitcoin as it relates to the policy. So what I would do is I would take my 10 Bitcoin of of policy, I'd borrow nine out. Let's just say Bitcoin is a million dollars. It's going to skyrocket to a million dollars. I'd borrow nine out, I'd sell those nine for $9 million of cash and I'd owe no taxes on that growth from today's price $75,000 to a million dollars per Bitcoin because I'm selling new cost basis Bitcoin that I've received as part of a loan. I, you know, it's not the same Bitcoin that's in the policy. Those are still posted as collateral. So I've taken out nine Bitcoin against my policy, that's worth 10. I've sold those nine Bitcoin for $9 million of cash. Um, and I can go do whatever I want with that cash. If the price of Bitcoin drops to 100,000, it drops 90%. My loan is still nine Bitcoin versus 10 Bitcoin of collateral. So it's actually, David, that's actually a better scenario for me because I have $9 million of cash proceeds. I would just buy $900,000 worth of new Bitcoin at $100,000 per Bitcoin, use those nine Bitcoin to repay my nine Bitcoin loan, and now I have $8.1 million of cash for free with no outstanding loan balance. So we we do see people who, you know, I said at the at the top of this interview, I I'm not a day trader, but we do have people who like view Bitcoin as having a persisting four-year cycle. And, you know, you don't have to guess the the absolute top, but if you have some sense for when the market's frothy, it is a way to like synthetically in a tax advantage major be short Bitcoin for some period of time because you could borrow it out, sell it tax-free at the high price, hold that cash, wait for the price to drop, buy cheaper Bitcoin and use that cheaper Bitcoin to repay that loan. Um, it's all a way to to basically arb your way, um, to to to to more cash. So if if you have a perspective on the market and you think you can, you know, have some sense for when the market's frothy, it it is an opportunity to do that more tax efficiently, um, than most other venues or exchanges without that margin call risk in case you're wrong. [David] [02:31] Speaking of exchanges after the the Binance hack, people are nervous about who holds their coins. Where does policy holders uh where does uh policy holder Bitcoin actually sit? [Guest: Danny] [02:42] Yeah, so this is actually another big benefit of our product that's unique relative to like dollar or fiat-based insurance is because Bitcoin is a bearer asset, there's this huge issue of custody of intergenerational planning, like, you know, if I get hit by a bus tomorrow, do my wife and kids know how to access my Bitcoin that's held in cold storage or have they ever heard of multi-sig or institutional multi-sig or or whatever else. Um, so we use uh exclusively qualified custodians. Um, our primary custodians are Anchorage Digital, which was the first OCC chartered digital asset bank in the United States, uh and Coinbase, which uh obviously publicly traded uh qualified custodian. We have relationships with BitGo and then internationally we have a couple of different, but because we are regulated and licensed, our regulator requires us to exclusively work with qualified custodians. So those that pass kind of the most rigorous tests, um, in the custodial space. So we're not using like random exchanges or things like or or doing our own self-custody, which would come with its own risks. So that's the first piece. But the second piece, frankly, is that, um, we view our product as an alternative to self-custody or to custody just generally. Because with our product, our our policy holders don't have a claim on specific coins. They don't have a claim on a specific exchange account or on a specific wallet that could be drained and lost forever. They're a policy holder with a claim against the balance sheet of a regulated life insurance carrier. So if we get hacked or one of our custodians gets hacked, we lose Bitcoin off of our balance sheet, but the guarantees in our contract for the life insurance are still guaranteed to our policy holders. So as as a regulated insurance carrier, we're required to maintain certain solvency thresholds. And what happens there is in Bermuda, um, if we dip below our our required solvency threshold, it triggers, um, a capital and liquidity uh program that like we go to the board, then we there's a bunch of different steps that we that we go through. And if we're unable to top up that solvency back to the 150% floor, we then go enter into a uh um an event of default. And in Bermuda, the first creditors to be repaid in an event of default of a carrier are the are the policy holders. So, the policy holders get their premiums back before any other creditor gets to touch any of our balance sheet in the event of a default or a bankruptcy. And so really the key here is, you know, you put you pay big your Bitcoin premiums into a vault at Anchorage or at Coinbase. Um, but you don't have a claim on those specific Bitcoin. You have a claim on the entire balance sheet of this regulated insurance carrier. And the insurance carrier behind it has a regulator that's making sure that we're maintaining our solvency ratios. We're having an ongoing internal audit by Deloitte every year. We're externally audited by KPMG. So you're trusting us, obviously. You're trusting us to custody your Bitcoin with safe actors like qualified custodians such as Bitcoin or as Coinbase and and Anchorage. But then also you're trusting a regulator, KPMG, Deloitte, all of these people doing their job to make sure that if we do start to dip below that solvency threshold, they'll shut us down and repay you out your Bitcoin back. [David] [05:59] You've had uh I'm I'm thinking you've had close to a thousand calls with Bitcoiners. What's the question you get most with them? [Guest: Danny] [06:07] Yeah, why why should I trust you? I think is the is the is the is the biggest question. It's it's um, you know, the Bitcoiners are an interesting group to have calls with and I you're right. I have had uh close to a thousand calls with Bitcoiners over over the past few years. Um, you know, I I think that for for many of them, we talk through kind of what we just talked about. That's like the why should you trust me? We're highly regulated, we're licensed, we like are hyper conservative across all the things that we do. Um, and then the next question is get into like, well, you're you're taking 10 of my Bitcoin and you're promising me 15 Bitcoin in the future. Where do those five Bitcoin come from? Um, and the answer there is because I would be the first person to tell you that the risk-free rate of return in Bitcoin is zero. And if anyone tells you they can get you Bitcoin yield uh without risk, they're lying to you. And so, um, what we do is we operate just as any other life insurance carrier operates. Uh, we deploy it into uh what we deem as on a risk-adjusted basis, uh conservative investment opportunities. Today, it's almost exclusively secured private lending. So we make loans denominated in Bitcoin, which again have no um uh exposure to the price of Bitcoin, meaning if I lend someone 100 Bitcoin for a year at 3%, at the end of the year, they're paying me 103 Bitcoin back, regardless of price, because we don't take any price volatility. Um, or or currency risk. So, um, we deploy, yeah, through almost exclusively today secured Bitcoin denominated lending. Um, and I think the important part here is as a regulated carrier, every time we put capital at risk, so that includes making an investment. It also includes selling you, David, a life insurance policy because if you died the next day, we have to pay out the full 15, even though we haven't had a lot of time to grow it. Um, so every time we put capital at risk, either through selling insurance or making an investment, uh, we have to hold more of our own capital on the balance sheet to offset that risk. And the riskier the thing is that we do, the higher the capital charge or the more expensive it is for us, um, uh, to do that thing. So we're incentivized to be as conservative as possible because it makes our balance sheet more efficient, meaning that we don't have to hold as much of a percentage of our own assets to offset any, uh, any risk that we're taking either on the asset or the liability side of our balance sheet. Um, so that's what we do. That's how we grow it. Uh, we target between 3 and 3 1/2% returns. Uh, today we're yielding about 3.7, so just just north of that range. Um, we haven't had a credit loss in the last five years. Uh, and because it's every every investment opportunity that we diligence, we look through it the lens of first principle protection. Our growth, our like target of 3% is conservative enough that I can withstand periods where I'm getting 0% returns, but what I can't do is go through a period where I'm down 15% in principle. Um, so it's first principle protection and then it's, um, uh, security, uh, in addition to that. So, so that's how we deploy the balance sheet, um, and it's uh, it's been going pretty well so far. [David] [09:10] You've signed uh brokers in Singapore, Hong Kong, UAE and uh Switzerland. Why is demand showing up there first? [Guest: Danny] [09:20] Yeah, so internationally those are those are some big hubs. So we sell domestically in the United States and then internationally, um, those are really the big hubs to hit all of Asia. Between Hong Kong and Singapore, we can hit basically all of Asia. with the between the UAE and Switzerland, we can hit most of or all of the Middle East, all of the EU. Uh, and then we're working on some opportunities within like the branches of those uh those channels to get into like LatAm and and things like that. Um, I would say that over the last year, we've seen most of our um international demand. It has been spread out across those different hubs, but most has come between or has come from Hong Kong. And Hong Kong really has reach not just Hong Kong and China, but also into Japan, South Korea, uh and areas like that. And I think it's a combination of factors. One is, um, for many big Bitcoin whales, they view this as an inheritance safety net. Uh, their beneficiaries of the life insurance policy don't need to understand their self-custodial setup or go on some treasure hunt if they if they passed away tomorrow. All they do is submit a claim to a life insurance company, like any other life insurance company, and we'll help them set up an account at an exchange and pay out the Bitcoin to them. So it's like a hedge against inheritance risk. But then in Asia too, there's geopolitical hedging and currency diversification and then also because we're a Bermuda-based carrier, it's a way to get um some capital outside of capital control jurisdictions, um, in Asia. So, so those are really the primary reasons. Um, but uh, like I said, we're seeing demand really across the board internationally, you know, which which includes some of those uh geopolitical hedging, um, but also like more core to the actual product value props themselves, the inheritance planning and the and the uh tax-free growth of the of the policy. [David] [11:09] Um, Bain Capital Crypto led your latest round and Sam Altman is a backer. What does that kind of backing mean for a business? [Guest: Danny] [11:20] Yeah, I mean, listen, we're we're we're in the business of selling products that are multi-decade promises. And I think for us, everything that we've done for the last five years has really been about establishing trust with policy. Our our competitors, Northwestern Mutual, you know, or uh uh Manulife, Sun Life, uh New York Life, like they're like 150-year-old companies. They have a long track record to have built and established the trust that's required to sell really, really long duration products. Um, so what what we can't do is buy time, but what we can do is do things the right way in an effort to establish trust. So that's why, frankly, you know, we probably pay more money than we otherwise would to have KPMG be our external auditor and have Deloitte be our internal auditor. That's why we chose Bermuda over the Bahamas, frankly. Uh, it's it's more difficult to build a company in Bermuda than it is in Bahamas, but it is a world's recognized leader in insurance and reinsurance regulation. Um, so those are all things that we've done to establish trust. And I think having those names on our balance sheet, you know, you mentioned Bain Cap and Sam Altman, who is one of our first checks in the Angel round in. Uh, but then uh Northwestern Mutual is one of our largest backers. They're the largest life insurance carrier in North America. Apollo, you know, one of the largest global alternative asset managers. Um, and then uh, you know, kind of a who's who of like Silicon Valley individuals, uh as well as uh crypto VCs as well. So, for us, it it is helpful uh to have that cap table to to establish some trust with not just potential customers, but also partners as well. I don't think that most of the 15 international high net worth insurance brokers that have onboarded as distribution partners with us. I don't think most of them would work with an an unrated insurance carrier. Um, but because we have the cap table that we have and that we're just offering a product that nobody else in the world can offer, uh that combination of things I think led them to to be willing to to work with us. [David] [13:19] I mean, eyes opened up and and respect to the other uh investors, but eyes opened up when when, you know, you hear Sam Altman is a backer uh of the company. Uh Bitcoin's back over 80 though, it's down since uh you've come on. What was it at? Let me go ahead and look. Where where is Bitcoin right now? Where is Bitcoin right now? Is that 70 76,000? [Guest: Danny] [13:41] It's still crazy. Yeah. [David] [13:43] Uh, it was at 80,000 this morning, but it went back down to 76. Uh, [Guest: Danny] [13:47] So my neck hurts. [David] [13:49] me me and you both. Uh, do your clients call you more when uh when it drops and and or when it rips? Like when do they start calling you up and like, you know, [Guest: Danny] [14:01] panic? [Guest: Danny] [14:02] Yeah, so it's a good question. Anyone that buys our product is committing to hold having Bitcoin exposure for the rest of their life. So that is one benefit that we have is that [David] [14:14] But I don't mean to stop you. But it shouldn't it be like, I don't want to should I compare it to like a 401k? Like you you you put money away and you forget about it. Like you get a life insurance policy, you got it, you forget about it kind of thing. Like shouldn't that be the the type of approach if I come to you and I and I get a life insurance policy, shouldn't that be the approach? [Guest: Danny] [14:35] Yeah, so so really the in like the fact finding and the initial conversation that we have with customers, a lot of times it's like, okay, you may maybe you have a stack of Bitcoin. And and maybe you've gone as far as thinking like, how much of it do I want to hold forever? How much of it is like if it got to a certain price, I'm going to sell it because I want to like buy a house or a vacation home or, you know, uh a new car or whatever. Um, and it's that sleeve of the stack. I don't think we would ever try to convince anyone to put all their Bitcoin into the product, but it's the sleeve that they're like, that they're they've got earmarked to hold forever, um, and to pass on. Yeah. And so, yeah, it is set it and forget it in that again, it's whole life insurance. So, you know, we can draw a distinction between there's term life insurance where you buy 10 years or 20 years or 30 years of coverage, but then if you outlive that term, you get nothing, which is not what we offer because nobody's going to like give away their Bitcoin for potentially nothing. [David] [15:34] Well, it doesn't make sense to offer term on on that on your type of product. [Guest: Danny] [15:38] Yeah, so we offer whole life insurance, which just lasts your whole life. No, you could get hit by a bus tomorrow or you could live for 75 more years. Yeah. And whenever it is that you die, the payout goes to your beneficiary. So that's the conversation that we have is, well, how much do you have kind of earmarked to just hold forever? Um, and then you have the optionality to tap into its value during your life using those policy loans. Um, which is really an amazing value proposition because not in in in most other cases, you're pay either paying capital gains tax or you're borrowing dollars against your Bitcoin and therefore taking margin call risk. And so the policy loan, um, you know, feature here is is a pretty amazing value prop as well. But yeah, it is it's long-term. These people are committed to holding Bitcoin for the next 20, 30, 40, 50, 60 years. We've sold life insurance policies to individuals who will outlive every single person that works at meanwhile today. And so that goes back to like having to build the foundation built on trust and conservatism uh to be around for the next 100 years. Um, but yeah, that is definitely the view that they're taking. So, so to to answer your question directly, no, they're not calling. Um, I would say when the price drops dramatically, they may be buying more Bitcoin to pile into new policies because they're like anything that they put into the policy then grows tax-free because it's inside of a whole life insurance policy. So we see an uptick in volume of sales, frankly, uh, when the price drops dramatically. And then we also see it actually on the other side. We kind of double dip because some people then just get afraid they're like the train's leaving the station and they're not going to get an opportunity when the price is ripping higher too. So we also see people, you know, jump in. So really it's like the last few months where we've just chopped sideways is like there's not a super compelling marketing story to tell. It's actually more exciting when there's that volatility. [David] [17:32] Not exciting. That's good. Boring is good. Uh, I always say that. Boring is good. Uh, and last question. And I appreciate you answering the questions that I posed today. For somebody watching today on this program, uh, who holds Bitcoin and is thinking about their family, uh, where do they go to learn more about meanwhile? [Guest: Danny] [17:51] Yeah, so our website is meanwhile.bm. BM stands for Bermuda. Um, we've got uh a Twitter account or an X account, which I think is just @meanwhile. Uh, we have a YouTube channel, uh which is meanwhile BTC, I think. Um, but I I would say start with start with the website, uh meanwhile.bm. There's a big button that says get started and you're actually prompted to schedule a call with a member of my team who can get on and answer any questions that you have live. We can generate illustrations for individuals who want to just see what the offer might look like depending on how old and healthy they are. Really the primary drivers of the underwriting are age, sex and tobacco use or smoker status. So just with that those three data points, we can get a pretty good ballpark of what a policy might look like. Um, but yeah, I would encourage anyone to visit the website. There's a bunch of information there, but take 30 minutes of someone on my team's time, um, and answer any get any questions that you might have answered, uh, and then we're also obviously uh very responsible for email as well. But um, we're not hard to find. We make it as we make it as easy to find as possible. [David] [18:56] Danny, I appreciate you coming on to the program. Uh much success meanwhile and uh it is uh in my eyes, you know, if you, you know, most people should have life insurance. Uh and if you're you're holding Bitcoin, it's not a bad opportunity to go ahead and take on. [Guest: Danny] [19:12] I I think most people should own life insurance and you should do it in a currency that will be more valuable in the future than less valuable in the future. And if you'd bought life insurance [David] [19:20] Speaking like a true Bitcoiner. [Guest: Danny] [19:21] If you'd bought life insurance just 10 years ago, your life insurance is like 30% less valuable than it was when you bought it. So, um, thank you so much for David for having me on. It's been a it's been a great pleasure. [David] [19:33] Hopefully we can get you on uh next year in 2027 to talk a little bit more about it uh during Bitcoin week that we have here on the program. [Guest: Danny] [19:41] I'd love it. Thank you so much, Danny. [David] [19:42] Appreciate it. [Guest: Danny] [19:43] Thank you so much. Take care. [David] [19:44] Guys, check out uh Danny and his company uh meanwhile. Uh life insurance is important. It really is important. And if you have obviously if you have Bitcoin, uh it does make sense. Uh for me, I said, hey, listen, not sponsored. These none of these conversations are sponsored by the way. Just letting you guys know. If they are, I'll let you know. But it does make sense. I mean, it fucking makes sense. It really does. Welcome to the breakdown. Welcome to the breakdown. My name is David Gokhshtein. I am the host. Look at that. They made me an overlay. I am the host of the breakdown. Yes, that is me. My name. I should I'm going to interview myself. David, why are you so good-looking? Well, um, first of all, I want to give a shout out to my mom and dad, obviously the genetics. Um, I want to give a big shout out also, obviously to God, uh, for creating me. I I I I appreciate the green eyes, the the eyebrows that speak for themselves. The black hair. The thick black hair. The nose, the the chin. I I yeah, absolutely. So, you're just never mind. Anyway, I'm just I'm goofing around. It is uh 1:46 p.m. uh Eastern Standard Time on the East Coast. By the way, I let me just say, it's Eastern Time. And I hate daylight savings time. It is the one thing that I I can't wait if, you know what? You guys want you guys have been asking me to run for a seat in the House or Senate. That would be my first thing to do. If I went to Congress, my first thing to do would be to get rid of daylight savings time. Okay? I don't want to fall back or or spring forward, okay? I I don't want to do none of these things. I don't want to do none of these things. It messes up your whole day. When you're older, it really does mess up your entire day. Maybe when like I'm still in school, you're still like, I don't know, 14, 15, you know, spring, you know, fall back, right? Yeah, oh, great. I got another hour of to sleep. When you're older, you don't want it. I don't know, man. I just I don't know. Maybe maybe I'm delusional. Uh, we're going to have uh David uh Trainer come on to this program in the next minute. Um, I'm pretty sure he's another guest that will not have any water given to him. Uh, nothing, just zero. I'll be in in the green room waiting patiently to come on to the show. Uh, to go ahead and discuss uh, we'll we'll talk about a lot. He has he has some interesting takes. Very interesting takes that I like to go ahead and obviously dive into. So we'll have David Trainer on here, founder and CEO of uh, you can construct. Um, you know what? Let's bring him on. It is already 1:47 p.m. Appreciate everybody tuning in from Kick, YouTube, LinkedIn, X formerly known as Twitter. I have to say that so people that tune into the podcast don't think that we're talking about something else other than the name, the new name of Twitter, which is now X. Shout out to Elon for coming up with that name. Uh, again, let's bring on David Trainer here. David, how's it going? How's everything? David. You're live, David. I don't think he knows he's live. Hi, David. Maybe I should go ahead and take him off the screen real quick. He is typing. He's probably like, why am I on this program? He is definitely he is typing like, why am I on this program right now? Let me go ahead and take David off. We'll bring him right back on. Let's let me go into the private area. He is typing away. I don't know if he actually heard me uh bring him on. Uh hopefully he's ready. Obviously like that that man types at 70 miles an hour. 100%. 100%. Okay, let's bring David on. David's like, why am I on the show? Who who booked me here? Who who booked me onto this show with this guy? Who's this guy? Who's this guy? Anyway, David, what's going on? Pleasure to have you on. I had you I brought you on and but you were typing. I was like, let me take him off because I don't know. It was aggressive typing. So I don't know what's happening. [Guest: David Trainer] [24:27] Well, I'm running late and I wanted to get back to you right away and I for whatever reason my volume was off on this machine and I didn't hear you talking to me, so I apologize. [David] [24:34] No, it's okay. David, thank you very much for coming on. Uh, wanted to obviously uh talk to you about and ask you a few questions. You've had uh some really uh you've put out some really cool comments out there. So let let's get cracking right on to it. You called Anthropic uh the most ridiculous IPO of 2026, a title you last gave to WeWork. Walk me through this. [Guest: David Trainer] [24:58] Yeah, you know, we we really felt uh an obligation to the investment community to call WeWork out for what we thought it was, which was just basically a cash out mechanism for private equity investors. And we see the same exact thing with Anthropic, except at a maybe a 10, 100X scale. They've raised more private capital than any company in the history of the world by a long shot. Uber was one of the sort of most heavily private equity subsidized businesses uh prior to IPO uh that we've ever seen and Anthropic is 5X that. On top of that, you have a business model that I think is effectively proven to have no profit margin. Right? Ever since the advent of of DeepSeek and other open AI models who are charging 1/50th, 1/100th of the same of the price for the same product, how does that work, David? Right? I mean, like, you know, if you got a lemonade stand and the guy next door can do it for 1/100th of the cost, I'm packing it up, you know what I mean? And and they don't have they're pure play AI model, so they're not making any money in any other part of the AI stack. [David] [26:05] Could you say the same thing for everybody? Oh, I'm sorry. I I didn't mean to cut you off. I thought you I got one other for I got one other. [Guest: David Trainer] [26:11] No, no, go for it. Go for it.

[Part 5 of 6] [Guest: David Trainer] [00:00] a billion dollars, a billion dollars of of liabilities and debt already on the books. When the business model has no I'm sorry, a trillion dollars. Pardon me. A trillion dollars. So, you know, it's going to take them 10 years to pay that off at minimum before any equity investor is going to see a penny if they can ever pay off that trillion dollars. [David] [00:27] Could you say the same thing for every other uh company that's out there like Open AI? [Guest: David Trainer] [00:33] Open AI IPO will not happen. My goal is that the Anthropic IPO does not happen because I think it will be a major travesty of the integrity of the capital markets. It will be the biggest bag holding switch off of all time. And I lived through the tech bubble. I was at on Wall Street at Credit Swiss, the number one IPO banking firm during the tech bubble. I've been in the front row seat. I've seen what's going on. We've there's a movie about it called The Big Short. Yeah. They're literally calling in saying, you know, or they're meeting with S&P and saying, how can you give this this this security, this debt a triple A rating when the underlying securities are 50, 60% of value? And then later in the movie, when everything was falling apart, they're calling Morgan Stanley and saying, how can you still keep these these securities priced at par when the underlying securities have gone down 70%? And the truth is, they'll hold Wall Street will hold it up while they exit the position so that they don't have to be holding the bag when the market goes down. [David] [01:37] What is hidden debt in plain English and why don't regular investors see it? [Guest: David Trainer] [01:43] Uh, hidden debt is is kind of uh it is what it it is what it sounds like. It's debt that they have that they don't have to put on the balance sheet. So there are some obscure rules around accounting that determine whether or not uh a debt debt and the related asset have to be on the balance sheet. There's a very specific line. And it's changed over time, but it goes something like this. If if you are you if you have if you have not paid up to 90% of the value of the asset, well then you don't have to count it as an asset. And so it can all just be kept off balance sheet and and the commitments are there and real just like for your house. It's like a mortgage payment. That's what I like to explain to people. If you own, you know, less than 90% of your house, you don't have to put that on the balance sheet if you're a company. Uh and I'm I I I have a lot of experience with this. I actually helped write the rules several years ago when I was working with the Financial Accounting Standards Board, the people that that control all the accounting rules, because, you know, I I pointed out to them a while ago that they're hey, there's all this off balance sheet debt. Well, they changed the rules to bring a bunch of it back on balance sheet. But guess what companies did? They found new ways to skirt those rules. And they created new terms like residual value guarantee and purchase commitments. Residual value guarantee was entirely new. That was created by Microsoft about a year ago. I'm sorry, by Meta about a year ago. We wrote a whole paper on it saying, hey, this is just, you know, um same thing with a different name. And so they they very specifically, you know, structure these deals so that they do not exceed the explicit accounting thresholds, they call them bright lines in accounting, so that they can be kept so that the debt and and all the cost related to it can be kept off the balance sheet. [David] [03:35] Oracle is at the top of your hidden debt list. What's the number that worries you most? [Guest: David Trainer] [03:40] I mean, I feel like I'm looking at the clock every, you know, if I'm Oracle, you know, just the clock would worry me because it, you know, they're they they've run out of gas and no one's going to give them any more. So it's just, you know, it's a it's really honestly, I think at this point, David, for a lot of these AI stocks, it's like when when you all it takes to recognize the problem is to recognize the problem. Exactly. And it's kind of, you know, so with Oracle, like it could go the stock could get crushed and go to like, I mean, you know, it could go down 80, 90% any minute as soon as people just sort of take the blinders off and say, oh my gosh, this business is in trouble. They've written checks that their cash flow can't cash. Uh and then it also kind of makes me, you know, worried about the market and and, you know, yesterday was sort of a mind-blower in terms of like, how is the market going up like, I mean, I could see it going up some, but like that strongly? Yeah. And then we, you know, we wake up today and it's like giving up all that those gains and more and like, okay, wait a second. That makes a lot more sense in my opinion. Because if we're going to take away the punch bowl, then the the the this house of cards that is the AI trade could, you know, implode and and it all it takes is for someone to say or enough people to say, you know, no mas. I'm I'm not going to pretend to ignore the truth. [David] [05:07] Elon has come out and said [Guest: David Trainer] [05:08] It's interesting. On that point, you've got Paul Tudor Jones, Ken Griffin, Ray Dalio, some of the most experienced, smartest investors of our time. You know, if there were era parents to to Warren Buffett, you'd probably hear those guys names mentioned. Yeah. They've been around for a while. They've been saying that we're in a bubble for months. The funny part is, David, they're like, oh, but it's not going to pop until uh 2027. Like, wait, that's not how it works. As soon as people enough people recognize we're in the bubble, it pops immediately. Yeah. You know, it's only held up by perception. So this idea that we can wait for it to pop is very precarious, very dangerous. [David] [05:50] Elon has stated that, uh, if you're not making real revenue, nobody's going to be lending to you and that's and that was towards all the AI companies out there. Um, all right. Is this AI bubble, being that you spoke about this, uh, is this an AI bubble or is or are some of these companies actually earning it? [Guest: David Trainer] [06:15] It is about 95% AI bubble. So Musk is is and this is where it's interesting. [David] [06:20] So which which if it's 95%, which companies are earning it? [Guest: David Trainer] [06:24] Well, I wouldn't tell you, I wouldn't say that any company is earning it because except for Apple. [David] [06:30] Okay. [Guest: David Trainer] [06:31] Which is marginally an AI company. And marginally because they haven't really been investing a lot in in AI. As as I heard someone say and I thought it was really smart, they don't need to build a race car because they own the track. [David] [06:43] Exactly. [Guest: David Trainer] [06:44] I thought that was a great way to put it with with Apple and I and I would do the same thing. Having been through the tech bubble and seen all these other sort of technological revolutions, meme stocks and NFTs or whatever dumb stuff, blockchain, whatever. It's better to be a fast follower than is to try to be an innovator in my opinion most of the time. And and Oracle's in a position where they can do that in a very particular and specific and impressive way. Google, Microsoft make a ton of money. They won't go out of business. They'll be left standing. They'll be bloodied and battered. Uh but about everyone else is potentially on the table is is you know, Amazon will probably survive, uh but they'll be really battered because they have been free cash flow negative their entire lives when you take into account all balance sheet debt. Most people don't realize that. Uh Meta, you know, they're sort of like the little brother in this business, you know, they're not as big, never been as profitable as the other guys. They were very profitable, but they also went negative profitability pretty early on as they were all in on this. Yeah. Because they were had they all knew they had to be all in because if they weren't first, they were going to be last in AI. That's kind of the way people thought about this. [David] [07:54] What do you think about Amazon? [Guest: David Trainer] [07:56] You know, Amazon's got a great money-making business with the cloud. Retail breaks even. Uh you know, they're going to they're going to they're going to have to take a bunch of losses. Uh look, they've already got warehouses full of chips they can't use. Um they booked a lot of gains uh from AI that they're probably going to have to write off and and I think there's going to be an undressing of Amazon that say, listen, this is not nearly as good a business model as we thought. And the the valuation comes way down. 50% possibly. Uh [David] [08:29] I know you talk [Guest: David Trainer] [08:30] I think like Oracle probably dies. [David] [08:34] Or you said Oracle probably dies? [Guest: David Trainer] [08:36] Oracle's there's a good chance Oracle dies. [David] [08:39] Wow. [Guest: David Trainer] [08:40] All these neo cloud stocks, David, neo cloud, Coreweave, um all these neo cloud stocks. That's who that's who Musk pointed his gun at with those. [David] [08:48] Yeah, he said he said they're gone. He literally said that. [Guest: David Trainer] [08:52] I think I think that's true. The you know, the difference between Oracle and and all these other companies I was talking about a second ago, and the reason I was starting with them is because those are sort of the mega giants of the industry. Those are the those are the AI kings. Those are those are the those are the stock market, those are the global corporate profit kings. Yeah. And I'm saying what I'm saying about them so people realize the magnitude of the spending here and therefore the magnitude of the potential losses is so large that it's even going to take some of those guys, it's going to take them to their knees. It's not going to chop their heads off, it's going to take them to their knees. The people that don't have existing profitable businesses to stand on, it's over. [David] [09:30] Done. [Guest: David Trainer] [09:31] And and we're getting to the point now where Musk is like, I'm competing these guys are now starting to to take capital and business away from me. I'm going to let I'm, you know, I've actually got a somewhat, he's got I think he's got he's in a better position than they are and he's like, it's time to offer their heads. [David] [09:44] I I think when all said and done, Elon will own I I believe he'll own the AI space. I I look, I I like like millions of Americans I I I or I should say millions of people that are using AI. It there are huge benefits to it, but when you look at when you look at numbers and you have Anthropic that had $16.3 billion come in, but they've lost $80 billion. I I I the average person can't understand those numbers and how somebody is still in business. Um, I know you're not giving advice on air, but if you're a regular investor holding the S&P, how should you think about all this? Or what should you think about all this? [Guest: David Trainer] [10:30] I think the S&P's become has been bastardized over the years and is no longer what it was supposed to be, which is a broad-based representation of the health of the American economy. It's become overly concentrated into many names and so it's basically become an AI trade. Okay. So if you don't want to be in the AI trade, I'm I I I I suggest you exit the S&P. We we estimate, David, across the entire S&P that you can wipe out 9% of earnings related to hidden debt costs. If you do that, the cape ratio, the the the Schiller PE, which is one of the all-time great sort of indicators of how expensive a market is and how likely it crashes, it reaches an all-time high. Bigger than the tech bubble. Uh when you adjust for those those very real debt costs because that debt is real. So I don't think the S&P's is any longer a good place to hide. Used to be a great place to hide. You put your money in the index, the broader American index. That's no longer the case because of the concentration. I think now's the time if you have the research to try to be tactical, to find stocks that actually make money and have cheap valuations. Good news is there's a lot of them out there. A lot of them out there in healthcare, in consumer discretionary, in energy, and they're making real money with real demand for their products. It's not going to go away. And in fact, they're going to probably see efficiency gains from AI. And there's no there's no reason any longer in my opinion to to suspend disbelief in the god-like powers of AI and try to continue to trade that. There's so the incremental upside in the AI trade is so much smaller now than the potential downside that it is time to get out. [David] [12:17] Are there any AI-linked names you actually like right now, though? [Guest: David Trainer] [12:21] I think there's one that we like, uh that looks attractive in our system, Arrow Electronics. Okay. Uh is one that I think is getting an attractive rating. We did a bunch of work, I think a year or so ago and two years ago where we said, okay, we're going to try to find an AI stock that looks good. Uh we found a couple, but they've all completely they've all performed a ton. And so they've gotten expensive and our system, you know, just by way of quick background is is constantly analyzing the entire market with with machine learning technology that that studies the footnotes and details to produce a better measure of earnings. And so we're really constantly able to identify stocks before people catch on because they're more profitable than people think. And then we sell them when they get expensive. And then we come back and just find more of those other cheap stocks. We're constantly able to find those so we don't have to play this game where I have to play momentum and hope that I find these stocks that just go up for no reason. Yeah. Like we found Nvidia when it's trading at something like a split-adjusted 25 cents a share. [David] [13:20] Love that stock. [Guest: David Trainer] [13:23] What a stock. So that's so there those stocks are out there, but they don't make the popular narrative because they don't help Wall Street make money. [David] [13:30] Um, Microsoft and Amazon up 6%, Coreweave down 10% in one day. Is that the AI trade breaking the way you've been saying or something else? [Guest: David Trainer] [13:41] I mean, Coreweave for sure, like Musk said, it's it's pretty much a broken business model, especially since it's entirely levered to this insane increase in in compute and AI demand that people I think are foolishly forecasting. And when I say insane, I mean, not to say that AI is a bad tool or that there won't be increases in demand. They just won't be 10,000 times greater than what it is today. Okay. Uh that that I think that's the takeaway. It's it's still going to grow, but it's not going to grow as crazy as people think. Uh you know, I I I think those other stocks you mentioned, Microsoft and Amazon also too. Yeah, they're too expensive. They've got to be humbled. Um because everyone's gotten hyped up on AI. And look, the hype train, this is the way it works. I mean, I've seen this movie, you know, twice now. Like, it's like, oh, hey, it's great. Everybody says it's great. Everybody pile in. You got CNBC and the media and Wall Street all saying pile in while they're just freaking printing money. And then they're like, okay, we think we're getting close to the end. We're going to sell, make a ton of money. We call it, we're calling this the final cash out. They're going to make a ton of money and they're going to go get on their yacht and and sail around in the Mediterranean while everybody, you know, while Rome burns, while the market crashes. That's how it works. That's what they did in the tech bubble. [David] [15:01] I remember that. Uh the new Congress, this is the last one for me. The new Congress might slow down data center building. Uh does the does that hurt the AI names that we've talked about or actually help the ones that are already have that already have capacity? [Guest: David Trainer] [15:15] I you know, great question, great way to put it. Uh you know, there are a lot that it helps the guys that already have capacity for sure, but they've all overspent. They've all spent they've all been like betting on huge amounts of additional capacity. So I and that's that's that's sort of the the issue here is again, not that it's a bad idea. We just in in the in the so much American way, we you know, we we just overdid it. There can be too much of a good thing. We overdid it. That's the nature of our our society, right? We go the pendulum swings too far one way and it swings too far back the other way. We went way too far on on AI. [David] [15:47] But we're competing with China, right? Like that's the whole thing, right? China's building out data centers. You know, they're trying to obviously be the kings of AI. You know, here in America, we have companies that are trying to go ahead and compete. Obviously, Trump wants to compete with China. Um, so it's kind of like, okay, like who at the end of the day, I guess who wins this, you know, who wins the AI race? [Guest: David Trainer] [16:11] I you know, I'll go back to the same thing I've said for a while about China. Look, they're great at copycatting and I've had this conversation with with my my kids over the years too. It's like, listen, you know, they're great at executing and copycatting, but if at the end of the day, it's the ability to innovate that separates one company from another or one country from another. And that ability to innovate is really based on talent. Do you have the people, the smart people to go make it happen? And and that depends on your ability to attract. And we simply have a just a much better platform in the United States to attract talent. Think about your options. If you're say you've got an amazing formula for curing some sort of cancer or creating some super new product. Do you want to go do that in China where you will have very little opportunity to capitalize on the value you bring to the table because it will basically get subsumed by the government or Russia or anywhere else in Europe where you get taxed to death. Or do you want to do in the US? Where you could be, you know, rags to riches, you know, story like Elon Musk, you could become a trillionaire, right? People are going to do that in the United States. We have a much better system for that. We have a much better infrastructure to support all that. So we're going to attract the talent. That doesn't then that's why people spend other countries spend a lot of money sending in spies and infiltrating and trying to steal our secrets. Because this is where it comes from. And so I think that's the key strength. [David] [17:32] Before you go and this because I'm I'm sitting here, it's interesting like the comments and your thoughts on on the AI subject. How would you have gone about it? You know, but we have the talent, right? We have the talent. We you talk about like China doesn't have the talent that we have. We have innovators here. How would you have gone about building out the AI infrastructure to where we can still obviously beat, you know, China in the race for obviously AI supremacy. [Guest: David Trainer] [18:03] Yeah, I I think uh, you know, the bigger question is how would we restructure our capital markets, our capital allocation system? Because no doubt, we have the best one in the world. Right? And like Winston Churchill said, democracy sucks except for socialism and communism, right? Uh and so, um we have to always be mindful, right? That we're very blessed to be in the United States and it's a good system. Doesn't make mistakes. Yes. And if we don't have, I think the maturity, sensibility, uh to to recognize that that we all make mistakes. You know, and that the other guy might be right. As the famous Tennessee Senator Tim Baker used to say, the other guy might be right. Uh we lose that ability. That's where we go down bad rabbit holes. And I think we've seen that in the extremes of the political politicization of stuff, right? When we go too far right or too far left, both are bad. Yeah. Let's be reasonable in the middle. And I think the reasonable solution to this situation, David, is to really kneecap Wall Street. And and and and by that, I mean, take away their ability, this unfair, inappropriate ability to be the people who underwrite as well as provide the research on investments. That's a completely ludicrous ludicrous conflict of interest. The the people selling you the product should be not be the ones reviewing it. Right. You know, and so, um and that's what we have. And if we can we can replace that, replace them with some independent, reliable, statistically driven, algorithmically driven, objective analysis that would be broad-based distributed so that on the margin, the people allocating capital, mainly mom and pop America, if they were equipped with the truth about profitability and valuation, they would make smart decisions. They wouldn't be duped into investing in pets.com, beyond meat, Peloton, open, you know, all these, you know, these big IPOs that were acclaimed to be awesome and then went to pretty much to zero. WeWork is an example. Anthropic is the latest. That's why we're calling it the final cash out because this one is so big that I worry that investors will get ruined by so much because we're going to concentrate wealth. Yeah. Right. $2 trillion of wealth is going to be concentrated into a handful of individuals for a technology that should serve all of society. [David] [20:32] Could you be wrong on Anthropic? Could there be a chance that you could be wrong on Anthropic? [Guest: David Trainer] [20:39] Hey, hey, you might be right, right? I mean, I'm going to I'm going to put my money where my mouth is. Absolutely, I could be wrong. If the if if something if they create something, and this is almost sort of an interesting thing about Anthropic. If they create this super powerful, all-powerful AI, then then there could be enormous amount of demand for what they do and nobody would do anything anymore because all their jobs would be done or the AI takes us over and kills us. So I don't really know. I don't know if there's a good ending to the story even if they are successful. That's sort of the irony of the whole Anthropic thing. Like, oh, by the way, we uh you should give us $2 trillion to end humanity. You know, so it's sort of like [David] [21:15] We saw this movie, right? Somewhere. [Guest: David Trainer] [21:17] Yeah, yeah, it was called The Terminator. Yeah. And and so, yeah, it's it's a great question, but it then brings back another question, which is like, these guys are are promising us the greatest AI ever, which could end us. So do we want that? And I think that's all just a bunch of fearmongering to make you think that they're so powerful that they deserve a $2 trillion valuation. It's a it's a humanity ending technology. This is my last chance to make money in the stock market because after this, the machines are going to take over and there's nothing more to be made. And that's that's that's what they're selling. And that's why I'm saying it's the final cash out because they're going all in on this. They're like, you know, every every you just can't make up a more ridiculous story than let's give a $2 trillion valuation, bigger than I think 90% of all the companies that have IPO'd cumulatively since post World War II. Let's give out that valuation to the company that's could end us all. [David] [22:14] I appreciate you coming on here today, David. Uh that that take when I when I seen when I we're putting together the questions when I seen the Anthropic thing, interesting to get your thoughts on that 100%. Hopefully, there won't be bag holders. It's going to happen anyway. Uh I'm praying that people won't be bag holding because that'll be a bunch of bag holding for a really long time. [Guest: David Trainer] [22:36] Some very big heavy bags. [David] [22:39] Yeah. The audience here who tunes in, they're tired of bag holding. Again, I I really appreciate you, David. Uh this is David Trainer. Go ahead and give him a follow. I have his link and company links all out there on the channel. Hopefully, we can bring you on in the next few months. We could talk about what happens when they do go uh and finally go and put out the IPO. We'll see what happens. See if you were right. [Guest: David Trainer] [23:03] I'd be I'd be happy to come back on and and we'll see how good my cooking is. [David] [23:08] Thank you, Dave. Appreciate it. [Guest: David Trainer] [23:10] Thank you. [David] [23:11] That's David Trainer, man. Like I I read uh I read his thing on Anthropic. It was like, I got to we got to bring him on. Anthropic like everybody who I have that comes on here is bullish on. You got to get two sides of the story. Everybody's bullish on AI. I am too. Obviously, look, I was about to tell David about the book. The Million Dollar AI Playbook. But you you got to go and by the way, you can get the Million Dollar AI Playbook on Amazon, okay? On Amazon or you can go to davidgokhshtein.com and you can get that. But you got to get people on here that are giving you a different take on what's happening in the markets. You don't have to agree with them. You really don't. Uh but at the end of the day, I like hearing from all sides. It's kind of like I like talking to Democrats and Republicans and independents and libertarians. I like talking to everybody because I I want to understand why why is somebody thinking the way they're thinking? That's it. Like I I I want to understand why the mindset is set that way. More talking, not screaming like somebody I got to tell you on threads, they're brutal. These people are still they are still trolling me for my thoughts on on the election where I was hoping that the Republican Party will win. Like that's a normal thing. Why would I root against my team? Why would I root against my my team? It's crazy. Anyway, we'll be right back after this commercial break. I might interview myself. Now I'm kidding. I won't interview myself. Uh stock market watch we we're not going to talk about that. We already talked about this. We were talking about we'll go back. Anyway, we'll be right back after this commercial break. Sponsored by Midnight, Polymarket, Cake Wallet and Fomo.

[Part 6 of 6] [00:00] For blockchains to really change the world, they also have to be able to protect our sensitive data when it matters. [00:07] And that's why we built Midnight to bring down the final barrier to mass adoption and unlock the full potential of the decentralized web. [00:15] Let's build the internet we deserve. [00:18] Together. [00:22] Ladies and gentlemen, we all know this in crypto, ownership matters. [00:26] That's why Cake Wallet. Cake Wallet gives you full control of your digital assets all in one easy to use application. [00:34] You can store Bitcoin, Litecoin, Zcash, Monero, and many more with just one secure backup. [00:40] Swap between coins in seconds. No copying addresses, no complicated steps, and even includes Bitcoin Lightning for faster payments. [00:48] And with Cake Wallet built in, you can use crypto in real life through debit cards or gift cards. [00:54] Simple, secure, self-custody. Download Cake Wallet and take control of your crypto. [01:06] Houston. T-minus one minute until full data blackout. All eyes are on you. [01:20] Breaking news, there is an astronaut conducting an emergency repair on a global communication satellite that could go dark at any moment. We have a second angle on this. [01:31] Is that guy on FOMO? [01:32] Oh, he just need for crazy trading. [01:35] Yeah, let's get back to it everybody. [01:50] Breaking news. There's an astronaut. [01:57] Opportunity cost. It's simply this. Every position you take is a position you choose for something else. [02:12] This just in. According to the astronaut's FOMO account, highest in the room, the satellite has been restored. [02:20] Yes. [02:23] For now, the crisis appears to be over. [02:37] All systems are up and running. Positions look good too. [02:53] There we go. United States of America representing. Socialism does not work. Digital assets is a better to move money at the speed of light. People are greedy when they also try to acquire gold. I'm here providing electricity and that energy that is necessary. [03:10] I'm the modern day Tony Stark. [03:15] Welcome back to the breakdown. We have some really cool guests. Uh, we have uh, we had Danny on from um, [03:30] meanwhile, meanwhile, excuse me, meanwhile, uh, also had uh, David Trainer on here talking about again, AI might be in its bubble here, believes that Anthropic isn't worth anything close to its evaluation. So, uh, and we might see the bubble popping any second now. I don't know, okay? I just bring it on people with different takes. I gave my takes today on what's happening in politics. [04:01] What the Republican Party needs to do in order to go ahead and win in 2028. We got two years for a party to go ahead and save us. We got two years for a party to recognize, because it's not, it won't be the Democrats. They're too far gone. They're, they're, they're so [04:22] they're so twisted in their hatred for Trump that they're forgetting about what's happening in real time and that is we are being invaded by people that hate the United States of America and that is all being sponsored by Iran and others that want to see the destruction of the United States of America happen. Uh, and it's happening. It is happening and me saying that I don't have a tinfoil hat on, has nothing to do with tinfoil hat conversation. It is real and real, it is happening in real time. It's happened to other countries. We're next. We really are next. So, [04:58] our only hope really is that the Republican Party gets their shit together. They need, we need, we need people that have aura within the Republican Party that can communicate with the American people and lay it out. Lay it out to them and deliver on the promises. That's it. It's really simple. Connect with people, connect with the American people regardless of their party affiliation, whether they're Democrats, whether they're Republicans, it does not matter. [05:31] Doesn't matter. [05:33] Independence, Green Party, Yellow Party, Purple, doesn't matter. [05:38] These are Americans and you can sit down with most Americans and you can have a conversation with them to the point where they will realize their, their eyes will open up to the current situation and they will vote for the Republican Party in 2028. There are only two parties and that's a bad system anyway. We've talked about it before. I've talked about it ad nauseam. The founding fathers did not want a two-party system. [06:03] This is exact, what you're seeing right now for the last 20 years, [06:09] where nothing really gets done. It's only because there's a two-party system. There is not another party to come in and and I guess smack the left and the right and throw common sense into the, into the equation. [06:30] So the Republican Party needs to step up. [06:34] Needs to absolutely reassess what happened. Needs to start talking to the younger generation, besides the older generation already. They need to start communicating with the younger, the biggest thing that the Republican Party missed was Charlie Kirk. [06:51] Whatever you want to say about Charlie Kirk, whether you like him or not, Charlie Kirk was able to communicate the Republican message to the younger kids, because he was at these universities, he spoke to them, they felt him. There was, there was an aura about Charlie, the way he can have conversations with anybody. [07:14] Even his haters. [07:18] It was different. [07:20] It was just different. [07:23] We need that person to counter Piker. Piker right now is doing what Charlie did, but Charlie meant things, see, Charlie came from a good place. It's just people who are stuck in these in these how do I say this without without it being clipped up and people being pissed off and taking it the wrong way, but Charlie was speaking his truth. Piker don't give a shit about the United States of America. He told you he'd wipe his ass with the Constitution. [08:03] He literally told you. Piker told you he will wipe his ass with the Constitution of the United States of America. [08:11] This is the guy who is pushing all these communists into these positions. [08:19] This is the guy along with others that are pushing the agenda on Israel and Jews. Like and I keep on saying the same thing. Once they're done with the Jews, once they're done talking about the Jews or maybe they, once they're done eliminating the Jews, the Christians and Catholics will be next. [08:37] And that is the truth. You know what? And I'm not scared to say it, because this is the truth. [08:43] You guys are thinking the same thing, but you're scared, absolutely scared to death to say it out loud. And you know what? Even some of these Democrats who have chosen to align themselves with the DSA, they know it themselves, but their hatred for Trump will cost us our country. [08:59] Even some of these Republicans have done the same type of damage that the Democratic Party has done as well to America. Just remember that. [09:13] Senator Thune not passing stuff. These things add up and it's given a runway for these communists to come in into our country and start taking it over. [09:26] The, the country, America has two years. Two years to get their shit right, to open up their eyes to see what is happening here. Two years. [09:38] Republican and Democrat. I, I, I hope Democrats also wake up and say that we've gone too left. [09:46] We're, they're now endorsing communism and socialism. Like this is where the Democratic Party is now. It's communism, socialism. [09:57] They've gone so left because of their hatred for Trump. [10:06] That's where we sit right now. [10:09] That is where we sit. [10:11] And unfortunately, if America goes down, then the world's in trouble. [10:17] The world is in trouble if America, America, I'm going to say this, if America goes down and the culture and the fabric of America is taken away from us, [10:30] it's over. [10:33] I'm telling you that right now. [10:35] It is over. [10:41] The America as we know it. This beautiful country that was founded by incredible people who fought for our freedom. This country will no longer exist. [11:01] You'll read, you'll, you'll open up books about America and you'll read about America. And then you'll look out your window, out your window, and you will never, and you will absolutely never recognize what you have read. [11:20] And that's the truth. [11:23] Nobody wants to say this from the right because you are scared. And I don't know why. [11:30] There's only a few that are willing to go ahead and talk about this subject, but this is not racist. This is, there's no bigotry, there's no racism, there's nothing. They want, see, the problem here is they're pushing it as that, that if you talk about this subject, that you are racist in some way, when you're not. [12:01] Ultimately the people will decide. It's what I say about the markets in crypto. Ultimately the people decide, right? Ultimately the markets decide what wins and what doesn't. And the people will decide whether or not they want America to stay the way it is in terms of this flag in the back, the principles that this country was founded on, or we become the next, we become the next England, UK, whatever, France. Keep going. [12:44] Just remember. [12:48] When you guys say that your vote doesn't matter, this is the consequence. When you think that your vote doesn't matter, these are the consequences. [13:00] And that's bottom line. [13:02] That is absolutely bottom line. These are the consequences. [13:09] Welcome or thank you. It's 2:30 PM Eastern Time. Thank you for joining the breakdown. Sponsored by Midnight. Midnight, Midnight City. Join Midnight City. We'll have Charles Hoskinson of course on this month. We'll go ahead and chop it up. Charles uh, replied to one of my uh, posts on on Twitter. He's like, we'll, we'll talk about this entire election when um, when I come back onto the show, which is this month. We'll go ahead and sit down. We'll talk about everything that's happened and what's to come. What should we expect? Uh, so shout out to Midnight. They're working hard. Um, Polymarket, Polymarket, obviously the official prediction market sponsor of the breakdown. If you can download, if you can download the application, use the code breakdown, okay? Use the code breakdown. And obviously this is followed the midterms, but you can do more on Polymarket to stay up to date on the latest news. Sign up to Polymarket, put in breakdown and get $25. Also, uh, shout out to Cake Wallet. Cake Wallet is the most secure wallet, one of the most secure wallets that we have in this industry. We will have Vic on this month. Uh, we are making, we're, we're trying to fit Vic into the schedule so we can talk about everything that's happened. We'll go, I want to talk to him about AI. I want to talk to him about cold storage. I want to talk to him about everything that has gone on in our industry. Uh, FOMO.family, if you want to see people trading in 4K and writing thesis and you want to go ahead and copy trade maybe, or you want to know what's happening. They're the number one social-fi application that we have in crypto. That's right. FOMO.family. [15:03] Thank you very much for tuning in. I leave you guys with this quote, just be good. Just, just be good to each other. It doesn't matter what political affiliation that you have. Just be good to each other. That's it. It costs you nothing to be nice. It really doesn't. It costs you absolutely nothing to be nice. It costs you nothing to support people that you've, that you've messed with, okay? It costs you nothing. Zilch, zero. And if you don't, if you don't like somebody, let it be. I want to shout out to the audience. A lot of you guys don't see each other talk and I, and I hope that one day Restream will give the ability to have everybody see everybody when they speak, whether it's from YouTube, Kick, Twitter. Shout out to a lot of people who have come here. Clean Lading, AD, Sheeb, all you guys that consistently Lux, who always come here and support the show. I appreciate you guys. And I support everybody else here who's new and all that. Thank you so much. Continue to come back. Cause this show ain't going anywhere. Episode 819. The breakdown with David Gokhshtein. We'll see you tomorrow at noon. Friday, recapping and also we'll have obviously the space, which I hold every Friday for 25 to 35 minutes on Twitter to recap the entire week. And I'm sure we'll have, you know, guest on there who'll, who'll chop it up with me. But again, it'll be only for 35 minutes even though a lot of the times it goes for six hours, only 35 minutes. [16:41] 35 minutes. God bless America, man. Land that I love, stand beside her and guide her, man. I love America. Anyway, I'm out.